Ligand Pharmaceuticals’ (LGND) Buy Rating Reaffirmed at HC Wainwright
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a report issued on Thursday. They currently have a $157.00 target price on the biotechnology company’s stock. HC Wainwright’s target price would indicate a potential upside of 13.25% from the company’s previous close.
Other analysts have also recently issued reports about the company. TheStreet raised Ligand Pharmaceuticals from a “c” rating to a “b-” rating in a report on Monday, August 7th. BidaskClub cut Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Roth Capital upped their price objective on Ligand Pharmaceuticals from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. Deutsche Bank AG upped their price objective on Ligand Pharmaceuticals from $103.00 to $104.00 and gave the stock a “hold” rating in a report on Tuesday, August 8th. Finally, Zacks Investment Research raised Ligand Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 11th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $138.60.
Ligand Pharmaceuticals (LGND) opened at 138.63 on Thursday. The company has a market capitalization of $2.92 billion, a PE ratio of 338.12 and a beta of 1.01. Ligand Pharmaceuticals has a 12 month low of $87.50 and a 12 month high of $139.00. The firm’s 50-day moving average is $132.40 and its 200-day moving average is $118.91.
Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings data on Monday, August 7th. The biotechnology company reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.42. The business had revenue of $28.00 million for the quarter, compared to analysts’ expectations of $24.40 million. Ligand Pharmaceuticals had a return on equity of 5.05% and a net margin of 7.39%. The company’s revenue for the quarter was up 43.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.50 EPS. Equities analysts anticipate that Ligand Pharmaceuticals will post $2.95 EPS for the current fiscal year.
In other news, Director Jason Aryeh sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $127.99, for a total transaction of $255,980.00. Following the transaction, the director now owns 59,625 shares of the company’s stock, valued at approximately $7,631,403.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John L. Higgins sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $130.00, for a total value of $650,000.00. Following the transaction, the chief executive officer now directly owns 144,171 shares in the company, valued at approximately $18,742,230. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,208 shares of company stock worth $4,733,796. Corporate insiders own 14.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Ligand Pharmaceuticals by 2.6% during the 2nd quarter. BlackRock Inc. now owns 2,683,880 shares of the biotechnology company’s stock valued at $325,822,000 after purchasing an additional 68,887 shares during the last quarter. William Blair Investment Management LLC grew its position in Ligand Pharmaceuticals by 2.6% in the 2nd quarter. William Blair Investment Management LLC now owns 1,773,434 shares of the biotechnology company’s stock valued at $215,295,000 after acquiring an additional 45,256 shares during the last quarter. Vanguard Group Inc. grew its position in Ligand Pharmaceuticals by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,741,818 shares of the biotechnology company’s stock valued at $211,457,000 after acquiring an additional 54,200 shares during the last quarter. Janus Henderson Group PLC bought a new position in Ligand Pharmaceuticals in the 2nd quarter valued at $72,293,000. Finally, Eagle Asset Management Inc. grew its position in Ligand Pharmaceuticals by 7.7% in the 2nd quarter. Eagle Asset Management Inc. now owns 490,841 shares of the biotechnology company’s stock valued at $59,588,000 after acquiring an additional 35,289 shares during the last quarter.
About Ligand Pharmaceuticals
Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company is involved in the development and licensing of biopharmaceutical assets. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.
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