Ligand Pharmaceuticals (NASDAQ:LGND) Trading Down 5.2%

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) was down 5.2% during trading on Thursday . The stock traded as low as $74.50 and last traded at $74.76. Approximately 37,892 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 157,770 shares. The stock had previously closed at $78.87.

Wall Street Analyst Weigh In

LGND has been the subject of a number of recent analyst reports. Benchmark reiterated a “buy” rating and set a $95.00 price target on shares of Ligand Pharmaceuticals in a report on Friday, April 12th. HC Wainwright reissued a “buy” rating and issued a $144.00 target price on shares of Ligand Pharmaceuticals in a research note on Thursday, February 29th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $116.33.

Ligand Pharmaceuticals Trading Down 0.1 %

The stock has a market cap of $1.28 billion, a P/E ratio of 26.35 and a beta of 1.01. The business’s 50 day moving average price is $75.10 and its two-hundred day moving average price is $67.66.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its earnings results on Tuesday, February 27th. The biotechnology company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.55. Ligand Pharmaceuticals had a return on equity of 11.98% and a net margin of 37.80%. The firm had revenue of $28.10 million during the quarter, compared to analyst estimates of $24.54 million. As a group, analysts expect that Ligand Pharmaceuticals Incorporated will post 3.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Stephen L. Sabba sold 1,893 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $74.30, for a total value of $140,649.90. Following the sale, the director now owns 28,926 shares in the company, valued at approximately $2,149,201.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Advisor Group Holdings Inc. raised its holdings in Ligand Pharmaceuticals by 10.6% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,341 shares of the biotechnology company’s stock worth $151,000 after acquiring an additional 128 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Ligand Pharmaceuticals by 54.9% during the first quarter. MetLife Investment Management LLC now owns 8,617 shares of the biotechnology company’s stock valued at $969,000 after purchasing an additional 3,053 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Ligand Pharmaceuticals by 2.3% during the first quarter. Rhumbline Advisers now owns 46,027 shares of the biotechnology company’s stock valued at $5,178,000 after buying an additional 1,024 shares during the last quarter. Yousif Capital Management LLC increased its holdings in Ligand Pharmaceuticals by 1.4% in the 1st quarter. Yousif Capital Management LLC now owns 15,834 shares of the biotechnology company’s stock worth $1,781,000 after buying an additional 225 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Ligand Pharmaceuticals by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 378,118 shares of the biotechnology company’s stock worth $42,537,000 after buying an additional 5,450 shares during the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Company Profile

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, engages in the development and licensing of biopharmaceutical assets worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; Filspari, a dual endothelin and angiotensin II receptor antagonist in development for rare kidney diseases and non-immunosuppressive treatment indicated for immunoglobulin A nephropathy; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.