Oppenheimer Increases Ligand Pharmaceuticals (NASDAQ:LGND) Price Target to $145.00

Ligand Pharmaceuticals (NASDAQ:LGND) had its price objective lifted by stock analysts at Oppenheimer from $142.00 to $145.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Oppenheimer’s price target would indicate a potential upside of 38.78% from the stock’s current price.

A number of other equities analysts have also recently weighed in on LGND. Stifel Nicolaus initiated coverage on shares of Ligand Pharmaceuticals in a research report on Thursday, April 10th. They set a “buy” rating and a $143.00 price objective for the company. StockNews.com raised shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, April 15th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Ligand Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $146.14.

Ligand Pharmaceuticals Stock Up 1.9 %

LGND stock opened at $104.48 on Friday. Ligand Pharmaceuticals has a 52-week low of $77.43 and a 52-week high of $129.90. The firm has a market cap of $2.01 billion, a P/E ratio of 41.63 and a beta of 0.87. The company’s 50-day simple moving average is $106.59 and its 200-day simple moving average is $112.45.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.10. The company had revenue of $45.33 million for the quarter, compared to the consensus estimate of $37.84 million. Ligand Pharmaceuticals had a return on equity of 4.95% and a net margin of 29.68%. During the same quarter in the prior year, the business posted $3.84 earnings per share. On average, analysts anticipate that Ligand Pharmaceuticals will post 1.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total value of $575,150.00. Following the transaction, the chief financial officer now directly owns 18,879 shares of the company’s stock, valued at $2,171,651.37. This trade represents a 20.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in LGND. Opal Wealth Advisors LLC acquired a new stake in shares of Ligand Pharmaceuticals in the 1st quarter worth $32,000. Smartleaf Asset Management LLC increased its position in Ligand Pharmaceuticals by 119.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company’s stock worth $43,000 after purchasing an additional 221 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in Ligand Pharmaceuticals during the fourth quarter worth about $43,000. Redwood Park Advisors LLC acquired a new position in Ligand Pharmaceuticals in the 4th quarter valued at about $48,000. Finally, Sterling Capital Management LLC boosted its holdings in Ligand Pharmaceuticals by 825.4% in the 4th quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company’s stock valued at $59,000 after purchasing an additional 487 shares during the last quarter. Hedge funds and other institutional investors own 91.28% of the company’s stock.

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.