Ligand Pharmaceuticals (NASDAQ:LGND) Price Target Raised to $239.00

Ligand Pharmaceuticals (NASDAQ:LGND) had its price objective lifted by equities researchers at HC Wainwright from $231.00 to $239.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective suggests a potential upside of 25.82% from the company’s previous close.

LGND has been the topic of several other research reports. Benchmark upped their price target on Ligand Pharmaceuticals from $175.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Stifel Nicolaus increased their price target on Ligand Pharmaceuticals from $220.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, December 10th. Oppenheimer increased their price objective on shares of Ligand Pharmaceuticals from $190.00 to $250.00 and gave the stock an “outperform” rating in a research note on Monday, November 3rd. Citigroup started coverage on shares of Ligand Pharmaceuticals in a research report on Tuesday, December 9th. They issued a “buy” rating and a $270.00 price target on the stock. Finally, Royal Bank Of Canada raised their price objective on shares of Ligand Pharmaceuticals from $234.00 to $235.00 and gave the company an “outperform” rating in a research report on Wednesday, December 10th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Ligand Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $240.67.

Ligand Pharmaceuticals Stock Up 3.4%

Shares of NASDAQ:LGND traded up $6.31 on Tuesday, reaching $189.96. The company had a trading volume of 76,761 shares, compared to its average volume of 212,578. The firm has a market capitalization of $3.74 billion, a PE ratio of 91.77 and a beta of 1.14. Ligand Pharmaceuticals has a 52-week low of $93.58 and a 52-week high of $212.49. The company has a current ratio of 24.69, a quick ratio of 24.30 and a debt-to-equity ratio of 0.47. The firm’s 50 day simple moving average is $193.68 and its 200-day simple moving average is $184.61.

Insider Buying and Selling

In related news, Director John W. Kozarich sold 467 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $195.91, for a total transaction of $91,489.97. Following the completion of the transaction, the director owned 43,187 shares of the company’s stock, valued at approximately $8,460,765.17. The trade was a 1.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Octavio Espinoza sold 1,804 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $188.31, for a total value of $339,711.24. Following the completion of the sale, the chief financial officer owned 26,186 shares of the company’s stock, valued at $4,931,085.66. The trade was a 6.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,205 shares of company stock worth $611,192 over the last 90 days. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of LGND. Salomon & Ludwin LLC acquired a new stake in shares of Ligand Pharmaceuticals during the 3rd quarter worth approximately $26,000. CIBC Private Wealth Group LLC grew its position in shares of Ligand Pharmaceuticals by 86.3% in the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 69 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Ligand Pharmaceuticals in the 4th quarter worth about $31,000. Richardson Financial Services Inc. boosted its position in Ligand Pharmaceuticals by 85.8% during the 3rd quarter. Richardson Financial Services Inc. now owns 210 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 97 shares during the period. Finally, USA Financial Formulas purchased a new stake in Ligand Pharmaceuticals during the 4th quarter worth $43,000. 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.