Ligand Pharmaceuticals (NASDAQ:LGND) Hits New 12-Month High – What’s Next?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $256.83 and last traded at $250.7320, with a volume of 19776 shares trading hands. The stock had previously closed at $243.28.

Analyst Upgrades and Downgrades

LGND has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. HC Wainwright raised 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. Bank of America began coverage on shares of Ligand Pharmaceuticals in a research report on Wednesday, March 11th. They set a “buy” rating and a $244.00 target price on the stock. Oppenheimer upped their target price on shares of Ligand Pharmaceuticals from $275.00 to $277.00 and gave the stock an “outperform” rating in a research report on Friday, February 27th. Finally, Citigroup upped their target price on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $257.71.

Ligand Pharmaceuticals Stock Performance

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 firm has a market capitalization of $5.06 billion, a P/E ratio of 34.15, a P/E/G ratio of 2.53 and a beta of 1.17. The stock’s 50 day moving average is $222.27 and its two-hundred day moving average is $205.66.

Ligand Pharmaceuticals (NASDAQ:LGND) last released 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 firm had revenue of $51.72 million for the quarter, compared to the consensus estimate of $59.10 million. During the same period in the previous year, the business earned $1.33 EPS. The firm’s revenue was up 14.1% compared to the same quarter last year. As a group, equities analysts anticipate that Ligand Pharmaceuticals Incorporated will post 4.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director John W. Kozarich sold 1,575 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $223.50, for a total value of $352,012.50. Following the completion of the sale, the director owned 41,786 shares of the company’s stock, valued at approximately $9,339,171. This represents a 3.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Andrew Reardon sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $227.06, for a total transaction of $1,135,300.00. Following the completion of the sale, the insider directly owned 41,382 shares of the company’s stock, valued at $9,396,196.92. The trade was a 10.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 18,968 shares of company stock valued at $4,163,441. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Several large investors have recently bought and sold shares of LGND. Royal Bank of Canada increased its stake in Ligand Pharmaceuticals by 25.8% in the first quarter. Royal Bank of Canada now owns 6,120 shares of the biotechnology company’s stock valued at $644,000 after purchasing an additional 1,256 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of Ligand Pharmaceuticals during the first quarter worth $344,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Ligand Pharmaceuticals by 8.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,660 shares of the biotechnology company’s stock valued at $1,121,000 after acquiring an additional 809 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Ligand Pharmaceuticals by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,327 shares of the biotechnology company’s stock valued at $5,817,000 after acquiring an additional 4,926 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in Ligand Pharmaceuticals by 176.2% in the 1st quarter. Jane Street Group LLC now owns 36,922 shares of the biotechnology company’s stock worth $3,882,000 after purchasing an additional 23,553 shares during the period. 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.