Bank of America Initiates Coverage on Ligand Pharmaceuticals (NASDAQ:LGND)

Equities research analysts at Bank of America initiated coverage on shares of Ligand Pharmaceuticals (NASDAQ:LGND) in a report issued on Wednesday,Benzinga reports. The firm set a “buy” rating and a $244.00 price target on the biotechnology company’s stock. Bank of America‘s target price suggests a potential upside of 14.94% from the company’s previous close.

A number of other brokerages have also recently commented on LGND. Wall Street Zen cut shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday. Stifel Nicolaus boosted their price objective on shares of Ligand Pharmaceuticals from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Royal Bank Of Canada upped their price objective on Ligand Pharmaceuticals from $234.00 to $235.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. HC Wainwright lifted their target price on Ligand Pharmaceuticals from $231.00 to $239.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Finally, Oppenheimer boosted their price target on Ligand Pharmaceuticals from $275.00 to $277.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $245.00.

Ligand Pharmaceuticals Trading Up 2.0%

Shares of NASDAQ:LGND opened at $212.29 on Wednesday. The stock’s 50-day simple moving average is $194.93 and its two-hundred day simple moving average is $188.34. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of 36.41 and a beta of 1.17. Ligand Pharmaceuticals has a 52-week low of $93.58 and a 52-week high of $216.21. The company has a debt-to-equity ratio of 0.44, a quick ratio of 21.98 and a current ratio of 22.23.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings results on Thursday, February 26th. The biotechnology company reported $2.02 EPS for the quarter, beating the consensus estimate of $1.46 by $0.56. Ligand Pharmaceuticals had a net margin of 46.42% and a return on equity of 13.86%. The firm had revenue of $59.67 million during the quarter, compared to analyst estimates of $55.59 million. During the same quarter in the prior year, the firm earned $1.27 EPS. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. Ligand Pharmaceuticals has set its FY 2026 guidance at 8.000-9.000 EPS. Analysts expect that Ligand Pharmaceuticals will post 1.73 EPS for the current year.

Insider Activity

In other news, Director Stephen L. Sabba sold 2,034 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $201.50, for a total transaction of $409,851.00. Following the sale, the director directly owned 33,793 shares in the company, valued at $6,809,289.50. This trade represents a 5.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John W. Kozarich sold 467 shares of Ligand Pharmaceuticals stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $200.50, for a total transaction of $93,633.50. Following the transaction, the director owned 42,720 shares in the company, valued at approximately $8,565,360. This trade represents a 1.08% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 23,662 shares of company stock valued at $4,817,826. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Several large investors have recently made changes to their positions in the business. Tudor Investment Corp ET AL bought a new position in shares of Ligand Pharmaceuticals in the third quarter worth about $2,789,955,000. State Street Corp grew its position in shares of Ligand Pharmaceuticals by 3.1% during the second quarter. State Street Corp now owns 749,754 shares of the biotechnology company’s stock worth $85,232,000 after purchasing an additional 22,629 shares in the last quarter. Congress Asset Management Co. raised its stake in Ligand Pharmaceuticals by 3.0% during the 3rd quarter. Congress Asset Management Co. now owns 667,311 shares of the biotechnology company’s stock valued at $118,207,000 after purchasing an additional 19,370 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Ligand Pharmaceuticals by 59.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 541,845 shares of the biotechnology company’s stock valued at $95,982,000 after purchasing an additional 202,103 shares during the period. Finally, Invesco Ltd. lifted its holdings in Ligand Pharmaceuticals by 36.5% in the 4th quarter. Invesco Ltd. now owns 516,464 shares of the biotechnology company’s stock worth $97,648,000 after purchasing an additional 138,169 shares in the last quarter. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.