Ligand Pharmaceuticals (NASDAQ:LGND) Shares Up 7.3% – Here’s What Happened

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) traded up 7.3% during mid-day trading on Thursday . The company traded as high as $120.32 and last traded at $123.35. 26,391 shares traded hands during trading, a decline of 70% from the average session volume of 87,548 shares. The stock had previously closed at $115.01.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on LGND shares. Oppenheimer lifted their price objective on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Benchmark reaffirmed a “buy” rating and issued a $135.00 price target on shares of Ligand Pharmaceuticals in a research report on Monday, December 23rd. Barclays upped their price target on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. HC Wainwright restated a “buy” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Finally, Royal Bank of Canada upped their target price on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $147.00.

Ligand Pharmaceuticals Price Performance

The stock’s 50 day moving average is $113.99 and its two-hundred day moving average is $110.97. The firm has a market capitalization of $2.19 billion, a P/E ratio of 46.08 and a beta of 1.04.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($1.64) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($3.01). Ligand Pharmaceuticals had a return on equity of 4.95% and a net margin of 29.68%. As a group, equities research analysts expect that Ligand Pharmaceuticals Incorporated will post 1.73 EPS for the current year.

Insider Activity at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza sold 2,104 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $116.37, for a total transaction of $244,842.48. Following the completion of the transaction, the chief financial officer now directly owns 20,647 shares of the company’s stock, valued at $2,402,691.39. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA acquired a new position in Ligand Pharmaceuticals during the fourth quarter worth approximately $29,652,000. Vanguard Group Inc. increased its holdings in shares of Ligand Pharmaceuticals by 5.8% during the 4th quarter. Vanguard Group Inc. now owns 2,085,627 shares of the biotechnology company’s stock worth $223,475,000 after acquiring an additional 115,005 shares during the last quarter. Loomis Sayles & Co. L P raised its stake in Ligand Pharmaceuticals by 44.3% in the 3rd quarter. Loomis Sayles & Co. L P now owns 372,779 shares of the biotechnology company’s stock valued at $37,312,000 after acquiring an additional 114,436 shares during the period. Franklin Resources Inc. raised its stake in Ligand Pharmaceuticals by 95.9% in the 4th quarter. Franklin Resources Inc. now owns 185,402 shares of the biotechnology company’s stock valued at $19,866,000 after acquiring an additional 90,743 shares during the period. Finally, Driehaus Capital Management LLC lifted its holdings in Ligand Pharmaceuticals by 70.0% during the 4th quarter. Driehaus Capital Management LLC now owns 162,771 shares of the biotechnology company’s stock valued at $17,441,000 after purchasing an additional 67,033 shares during the last quarter. Institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Company Profile

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, engages in the development and licensing of biopharmaceutical assets worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; Filspari, a dual endothelin and angiotensin II receptor antagonist in development for rare kidney diseases and non-immunosuppressive treatment indicated for immunoglobulin A nephropathy; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.