Ligand Pharmaceuticals (NASDAQ:LGND) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) saw unusually-high trading volume on Tuesday . Approximately 424,651 shares were traded during mid-day trading, an increase of 84% from the previous session’s volume of 231,054 shares.The stock last traded at $266.0550 and had previously closed at $262.17.

Analyst Ratings Changes

A number of brokerages recently weighed in on LGND. HC Wainwright increased their price objective on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Weiss Ratings lowered shares of Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 15th. Royal Bank Of Canada boosted their target price on shares of Ligand Pharmaceuticals from $252.00 to $262.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Bank of America started coverage on Ligand Pharmaceuticals in a research note on Wednesday, March 11th. They issued a “buy” rating and a $244.00 price target on the stock. Finally, Citigroup upped their price objective on Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $257.71.

Ligand Pharmaceuticals Stock Up 3.5%

The stock has a market capitalization of $5.44 billion, a P/E ratio of 36.83, a P/E/G ratio of 2.92 and a beta of 1.17. The company’s 50-day moving average price is $232.83 and its 200 day moving average price is $209.37. The company has a debt-to-equity ratio of 0.45, a quick ratio of 20.95 and a current ratio of 21.28.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its earnings results 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 firm had revenue of $51.72 million during the quarter, compared to the consensus estimate of $59.10 million. During the same period in the prior year, the company posted $1.33 EPS. The company’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, equities analysts expect that Ligand Pharmaceuticals Incorporated will post 4.47 earnings per share for the current year.

Insider Buying and Selling

In other Ligand Pharmaceuticals news, Director Stephen L. Sabba sold 2,145 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $254.00, for a total value of $544,830.00. Following the completion of the transaction, the director directly owned 33,629 shares in the company, valued at $8,541,766. This represents a 6.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John L. Lamattina sold 4,591 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $250.88, for a total transaction of $1,151,790.08. Following the sale, the director directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 36,165 shares of company stock worth $8,553,493 in the last quarter. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Cim Investment Management Inc. increased its holdings in shares of Ligand Pharmaceuticals by 3.4% in the first quarter. Cim Investment Management Inc. now owns 1,484 shares of the biotechnology company’s stock worth $296,000 after purchasing an additional 49 shares during the last quarter. Maryland State Retirement & Pension System grew its holdings in Ligand Pharmaceuticals by 2.2% during the 4th quarter. Maryland State Retirement & Pension System now owns 2,872 shares of the biotechnology company’s stock valued at $543,000 after buying an additional 61 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in Ligand Pharmaceuticals by 86.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 69 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Ligand Pharmaceuticals by 3.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,688 shares of the biotechnology company’s stock worth $527,000 after acquiring an additional 78 shares during the last quarter. Finally, Cerity Partners LLC raised its holdings in shares of Ligand Pharmaceuticals by 5.4% during the 4th quarter. Cerity Partners LLC now owns 1,531 shares of the biotechnology company’s stock worth $289,000 after acquiring an additional 79 shares in the last quarter. Hedge funds and other institutional investors 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.