Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Given Average Recommendation of “Buy” by Brokerages

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) have been given a consensus recommendation of “Buy” by the seven analysts that are presently covering the company, Marketbeat.com reports. Seven investment analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $146.14.

A number of research analysts have issued reports on LGND shares. Wall Street Zen downgraded shares of Ligand Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Monday, May 12th. Oppenheimer upped their price target on Ligand Pharmaceuticals from $142.00 to $145.00 and gave the company an “outperform” rating in a research note on Friday, May 9th. Finally, Stifel Nicolaus began coverage on Ligand Pharmaceuticals in a research note on Thursday, April 10th. They issued a “buy” rating and a $143.00 price target for the company.

Insider Buying and Selling

In other news, insider Andrew Reardon sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $114.54, for a total transaction of $57,270.00. Following the completion of the transaction, the insider now directly owns 32,403 shares of the company’s stock, valued at $3,711,439.62. This trade represents a 1.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Octavio Espinoza purchased 1,500 shares of the firm’s stock in a transaction dated Friday, May 9th. The shares were acquired at an average cost of $104.06 per share, with a total value of $156,090.00. Following the completion of the purchase, the chief financial officer now directly owns 27,932 shares in the company, valued at approximately $2,906,603.92. This represents a 5.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. 7.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in shares of Ligand Pharmaceuticals in the first quarter valued at $32,000. Smartleaf Asset Management LLC boosted 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 period. GF Fund Management CO. LTD. bought a new position in Ligand Pharmaceuticals during the fourth quarter worth $43,000. Redwood Park Advisors LLC bought a new position in Ligand Pharmaceuticals during the fourth quarter worth $48,000. Finally, Sterling Capital Management LLC boosted its position in Ligand Pharmaceuticals by 825.4% during the fourth quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company’s stock worth $59,000 after purchasing an additional 487 shares during the period. 91.28% of the stock is owned by institutional investors.

Ligand Pharmaceuticals Stock Down 1.7%

Shares of NASDAQ LGND opened at $112.50 on Tuesday. The firm’s 50-day simple moving average is $105.48 and its 200 day simple moving average is $110.59. The company has a market cap of $2.17 billion, a price-to-earnings ratio of 44.82 and a beta of 0.83. Ligand Pharmaceuticals has a 12-month low of $77.53 and a 12-month high of $129.90.

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 the consensus estimate of $1.23 by $0.10. The business had revenue of $45.33 million for the quarter, compared to the consensus estimate of $37.84 million. Ligand Pharmaceuticals had a net margin of 29.68% and a return on equity of 4.95%. During the same quarter in the prior year, the company earned $3.84 EPS. On average, equities analysts expect that Ligand Pharmaceuticals will post 1.73 earnings per share for the current year.

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.