Ligand Pharmaceuticals (NASDAQ:LGND) Shares Gap Down – Here’s Why

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $241.79, but opened at $229.79. Ligand Pharmaceuticals shares last traded at $227.7410, with a volume of 12,310 shares.

Wall Street Analyst Weigh In

LGND has been the topic of several research reports. Wall Street Zen cut Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. Oppenheimer boosted their price target on Ligand Pharmaceuticals from $275.00 to $277.00 and gave the stock an “outperform” rating in a report on Friday, February 27th. Bank of America initiated coverage on Ligand Pharmaceuticals in a report on Wednesday, March 11th. They set a “buy” rating and a $244.00 price target on the stock. Royal Bank Of Canada boosted their price target on Ligand Pharmaceuticals from $235.00 to $252.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Citigroup upped their target price on Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Ligand Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $256.29.

Ligand Pharmaceuticals Price Performance

The stock has a market capitalization of $4.60 billion, a P/E ratio of 39.36, a PEG ratio of 1.78 and a beta of 1.14. The business has a fifty day simple moving average of $209.79 and a 200-day simple moving average of $199.38. The company has a debt-to-equity ratio of 0.44, a quick ratio of 21.98 and a current ratio of 22.23.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Thursday, February 26th. The biotechnology company reported $2.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.56. The firm had revenue of $59.67 million for the quarter, compared to analysts’ expectations of $55.59 million. Ligand Pharmaceuticals had a return on equity of 13.86% and a net margin of 46.42%.The company’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.27 EPS. Ligand Pharmaceuticals has set its FY 2026 guidance at 8.000-9.000 EPS. Sell-side analysts expect that Ligand Pharmaceuticals Incorporated will post 5.6 earnings per share for the current fiscal year.

Insider Transactions at Ligand Pharmaceuticals

In other news, insider Andrew Reardon sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $206.35, for a total transaction of $1,031,750.00. Following the transaction, the insider directly owned 36,869 shares of the company’s stock, valued at $7,607,918.15. This represents a 11.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John W. Kozarich sold 467 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $202.23, for a total value of $94,441.41. Following the transaction, the director directly owned 42,253 shares in the company, valued at $8,544,824.19. The trade was a 1.09% decrease in their ownership of the stock. 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. Insiders sold 30,915 shares of company stock valued at $6,385,917 over the last ninety days. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of institutional investors have recently modified their holdings of LGND. Salomon & Ludwin LLC acquired a new position in shares of Ligand Pharmaceuticals during the third quarter worth approximately $26,000. CIBC Private Wealth Group LLC raised its position in shares of Ligand Pharmaceuticals by 86.3% during the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 69 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Ligand Pharmaceuticals during the fourth quarter worth approximately $31,000. Richardson Financial Services Inc. raised its position in shares of Ligand Pharmaceuticals by 85.8% during the third 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 acquired a new position in shares of Ligand Pharmaceuticals during the fourth quarter worth approximately $43,000. 91.28% of the stock is owned by institutional investors and hedge funds.

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.