Royal Bank of Canada Forecasts Strong Price Appreciation for Ligand Pharmaceuticals (NASDAQ:LGND) Stock

Ligand Pharmaceuticals (NASDAQ:LGND) had its target price lifted by Royal Bank of Canada from $130.00 to $140.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 14.68% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Oppenheimer boosted their price objective on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. HC Wainwright restated a “buy” rating and issued a $157.00 price target on shares of Ligand Pharmaceuticals in a report on Friday, November 8th. Barclays upped their price objective on shares of Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Benchmark upped their price objective on shares of Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $144.83.

Ligand Pharmaceuticals Trading Up 1.1 %

Shares of NASDAQ:LGND opened at $122.08 on Tuesday. The firm has a 50 day moving average of $106.71 and a 200-day moving average of $96.48. Ligand Pharmaceuticals has a 12 month low of $55.02 and a 12 month high of $129.90. The stock has a market capitalization of $2.31 billion, a PE ratio of 48.64 and a beta of 0.99.

Insiders Place Their Bets

In other news, insider Andrew Reardon sold 1,500 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $106.39, for a total value of $159,585.00. Following the sale, the insider now directly owns 22,534 shares of the company’s stock, valued at approximately $2,397,392.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Ligand Pharmaceuticals news, COO Matthew E. Korenberg sold 11,389 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $105.61, for a total value of $1,202,792.29. Following the transaction, the chief operating officer now directly owns 49,510 shares in the company, valued at approximately $5,228,751.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew Reardon sold 1,500 shares of Ligand Pharmaceuticals stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total value of $159,585.00. Following the transaction, the insider now directly owns 22,534 shares in the company, valued at approximately $2,397,392.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,368 shares of company stock worth $3,458,560. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Texas Permanent School Fund Corp raised its position in Ligand Pharmaceuticals by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 14,344 shares of the biotechnology company’s stock valued at $1,049,000 after purchasing an additional 185 shares during the period. SG Americas Securities LLC bought a new position in shares of Ligand Pharmaceuticals during the first quarter valued at approximately $809,000. Illinois Municipal Retirement Fund raised its holdings in shares of Ligand Pharmaceuticals by 8.4% in the first quarter. Illinois Municipal Retirement Fund now owns 10,158 shares of the biotechnology company’s stock worth $743,000 after buying an additional 790 shares during the period. Swiss National Bank lifted its stake in shares of Ligand Pharmaceuticals by 0.6% during the 1st quarter. Swiss National Bank now owns 32,700 shares of the biotechnology company’s stock worth $2,390,000 after acquiring an additional 200 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Ligand Pharmaceuticals by 224.1% during the 1st quarter. Sei Investments Co. now owns 35,841 shares of the biotechnology company’s stock valued at $2,620,000 after acquiring an additional 24,784 shares during the period. 91.28% of the stock is owned by hedge funds and other institutional investors.

About Ligand Pharmaceuticals

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.