Ligand Pharmaceuticals (NASDAQ:LGND) Price Target Raised to $340.00

Ligand Pharmaceuticals (NASDAQ:LGND) had its target price increased by Royal Bank Of Canada from $262.00 to $340.00 in a report published on Wednesday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the biotechnology company’s stock.

A number of other equities analysts also recently weighed in on LGND. Citigroup increased their price target on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. HC Wainwright upped their price objective on Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Weiss Ratings lowered Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Stifel Nicolaus increased their target price on Ligand Pharmaceuticals from $255.00 to $332.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Finally, Bank of America lifted their target price on Ligand Pharmaceuticals from $266.00 to $388.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Ligand Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $304.00.

Ligand Pharmaceuticals Stock Up 2.3%

LGND opened at $303.39 on Wednesday. Ligand Pharmaceuticals has a 12 month low of $129.55 and a 12 month high of $326.63. The business has a 50-day moving average of $263.72 and a two-hundred day moving average of $224.59. The company has a debt-to-equity ratio of 0.45, a current ratio of 21.28 and a quick ratio of 20.95. The stock has a market capitalization of $6.08 billion, a price-to-earnings ratio of 41.17, a price-to-earnings-growth ratio of 2.93 and a beta of 1.10.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.21). Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.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 previous year, the company earned $1.33 earnings per share. The company’s revenue was up 14.1% on a year-over-year basis. On average, research analysts expect that Ligand Pharmaceuticals will post 4.56 earnings per share for the current year.

Insider Activity at Ligand Pharmaceuticals

In other news, Director John L. Lamattina sold 4,591 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $250.88, for a total value of $1,151,790.08. Following the transaction, the director owned 26,969 shares of the company’s stock, valued at approximately $6,765,982.72. This trade represents a 14.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stephen L. Sabba sold 2,145 shares of Ligand Pharmaceuticals stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $254.00, for a total transaction of $544,830.00. Following the transaction, the director owned 33,629 shares in the company, valued at $8,541,766. The trade was a 6.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,698 shares of company stock valued at $9,019,252 over the last quarter. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Ligand Pharmaceuticals

Several large investors have recently added to or reduced their stakes in LGND. CIBC Private Wealth Group LLC lifted its stake in shares of Ligand Pharmaceuticals by 86.3% during the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 69 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Ligand Pharmaceuticals in the fourth quarter valued at about $31,000. USA Financial Formulas purchased a new stake in shares of Ligand Pharmaceuticals during the 4th quarter valued at about $43,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Ligand Pharmaceuticals during the 2nd quarter valued at about $75,000. Finally, JPL Wealth Management LLC acquired a new position in Ligand Pharmaceuticals during the 3rd quarter worth approximately $52,000. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Company Profile

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.