Ligand Pharmaceuticals (NASDAQ:LGND) Sets New 1-Year High – Here’s Why

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $321.89 and last traded at $316.6020, with a volume of 37121 shares. The stock had previously closed at $319.55.

Wall Street Analyst Weigh In

Several analysts have issued reports on LGND shares. Bank of America initiated coverage on shares of Ligand Pharmaceuticals in a research note on Wednesday, March 11th. They set a “buy” rating and a $244.00 target price on the stock. HC Wainwright lifted their price target on Ligand Pharmaceuticals from $243.00 to $289.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Citigroup upped their price target on Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Weiss Ratings downgraded Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 15th. Finally, Royal Bank Of Canada lifted their target price on Ligand Pharmaceuticals from $252.00 to $262.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Ligand Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $257.71.

Ligand Pharmaceuticals Trading Down 0.2%

The company has a current ratio of 21.28, a quick ratio of 20.95 and a debt-to-equity ratio of 0.45. The company has a market cap of $6.39 billion, a PE ratio of 43.11, a P/E/G ratio of 3.57 and a beta of 1.10. The business’s 50-day simple moving average is $247.41 and its 200-day simple moving average is $216.82.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Thursday, May 7th. The biotechnology company reported $1.63 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.21). Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The company had revenue of $51.72 million for the quarter, compared to analysts’ expectations of $59.10 million. During the same quarter in the prior year, the firm earned $1.33 earnings per share. The company’s revenue was up 14.1% on a year-over-year basis. As a group, analysts expect that Ligand Pharmaceuticals Incorporated will post 4.25 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Andrew Reardon sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $227.06, for a total transaction of $1,135,300.00. Following the completion of the sale, the insider directly owned 41,382 shares of the company’s stock, valued at $9,396,196.92. This trade represents a 10.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jason Haas sold 6,461 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $255.58, for a total value of $1,651,302.38. Following the completion of the sale, the director directly owned 4,981 shares of the company’s stock, valued at approximately $1,273,043.98. The trade was a 56.47% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 30,698 shares of company stock worth $7,452,852. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its holdings in Ligand Pharmaceuticals by 25.8% during the first quarter. Royal Bank of Canada now owns 6,120 shares of the biotechnology company’s stock valued at $644,000 after buying an additional 1,256 shares in the last quarter. AQR Capital Management LLC bought a new stake in shares of Ligand Pharmaceuticals during the 1st quarter worth about $344,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Ligand Pharmaceuticals by 8.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,660 shares of the biotechnology company’s stock valued at $1,121,000 after acquiring an additional 809 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Ligand Pharmaceuticals by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,327 shares of the biotechnology company’s stock valued at $5,817,000 after acquiring an additional 4,926 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in shares of Ligand Pharmaceuticals by 176.2% in the 1st quarter. Jane Street Group LLC now owns 36,922 shares of the biotechnology company’s stock valued at $3,882,000 after acquiring an additional 23,553 shares in the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.

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.