Ligand Pharmaceuticals (NASDAQ:LGND) Shares Down 7.7% – What’s Next?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s stock price was down 7.7% during trading on Friday . The stock traded as low as $116.96 and last traded at $119.94. Approximately 28,443 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 135,405 shares. The stock had previously closed at $129.90.

Analyst Upgrades and Downgrades

Several equities analysts have commented on LGND shares. Benchmark raised their price objective on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Oppenheimer boosted their price target on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research report on Friday. Barclays upped their price target on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday. Royal Bank of Canada reissued an “outperform” rating and issued a $130.00 target price on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $157.00 price target on shares of Ligand Pharmaceuticals in a research note on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $139.00.

Ligand Pharmaceuticals Stock Performance

The stock has a 50-day simple moving average of $105.26 and a two-hundred day simple moving average of $94.85. The firm has a market cap of $2.22 billion, a PE ratio of 48.02 and a beta of 0.99.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.34. The company had revenue of $41.50 million during the quarter, compared to analysts’ expectations of $33.04 million. Ligand Pharmaceuticals had a return on equity of 7.91% and a net margin of 29.69%. Ligand Pharmaceuticals’s revenue for the quarter was up 57.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.10 earnings per share. As a group, sell-side analysts anticipate that Ligand Pharmaceuticals Incorporated will post 3.47 EPS for the current fiscal year.

Insider Transactions at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 1,275 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $103.94, for a total transaction of $132,523.50. Following the completion of the sale, the chief financial officer now directly owns 24,610 shares of the company’s stock, valued at approximately $2,557,963.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Matthew E. Korenberg sold 1,157 shares of Ligand Pharmaceuticals stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total transaction of $122,109.78. Following the transaction, the chief operating officer now directly owns 67,211 shares of the company’s stock, valued at $7,093,448.94. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Octavio Espinoza sold 1,275 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $103.94, for a total transaction of $132,523.50. Following the completion of the sale, the chief financial officer now directly owns 24,610 shares of the company’s stock, valued at $2,557,963.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,368 shares of company stock worth $3,458,560 in the last quarter. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the company. Texas Permanent School Fund Corp lifted its stake in shares of Ligand Pharmaceuticals by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 14,344 shares of the biotechnology company’s stock valued at $1,049,000 after buying an additional 185 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Ligand Pharmaceuticals in the first quarter worth about $809,000. Illinois Municipal Retirement Fund grew its position in shares of Ligand Pharmaceuticals by 8.4% during the first quarter. Illinois Municipal Retirement Fund now owns 10,158 shares of the biotechnology company’s stock worth $743,000 after purchasing an additional 790 shares in the last quarter. Swiss National Bank raised its stake in Ligand Pharmaceuticals by 0.6% during the 1st quarter. Swiss National Bank now owns 32,700 shares of the biotechnology company’s stock valued at $2,390,000 after purchasing an additional 200 shares during the period. Finally, Sei Investments Co. lifted its holdings in Ligand Pharmaceuticals by 224.1% in the 1st quarter. Sei Investments Co. now owns 35,841 shares of the biotechnology company’s stock worth $2,620,000 after purchasing an additional 24,784 shares in the last quarter. Hedge funds and other 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.