Ligand Pharmaceuticals (NASDAQ:LGND) Stock Crosses Above 200 Day Moving Average – Here’s Why

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $108.27 and traded as high as $115.81. Ligand Pharmaceuticals shares last traded at $115.03, with a volume of 77,219 shares trading hands.

Analysts Set New Price Targets

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

Ligand Pharmaceuticals Stock Performance

The firm’s 50-day moving average price is $114.76 and its 200 day moving average price is $108.27. The company has a market cap of $2.17 billion, a price-to-earnings ratio of 45.83 and a beta of 1.05.

Insider Transactions at Ligand Pharmaceuticals

In related news, Director John L. Lamattina sold 2,406 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $123.65, for a total transaction of $297,501.90. Following the completion of the transaction, the director now owns 29,515 shares in the company, valued at approximately $3,649,529.75. The trade was a 7.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Octavio Espinoza sold 2,104 shares of the business’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 transaction, the chief financial officer now owns 20,647 shares of the company’s stock, valued at approximately $2,402,691.39. This represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LGND. Mirae Asset Global Investments Co. Ltd. grew its holdings in Ligand Pharmaceuticals by 23.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock valued at $64,000 after purchasing an additional 125 shares during the period. Benjamin F. Edwards & Company Inc. bought a new position in Ligand Pharmaceuticals in the second quarter valued at approximately $67,000. KBC Group NV lifted its stake in Ligand Pharmaceuticals by 49.7% in the fourth quarter. KBC Group NV now owns 904 shares of the biotechnology company’s stock valued at $97,000 after buying an additional 300 shares in the last quarter. SG Americas Securities LLC bought a new position in Ligand Pharmaceuticals in the fourth quarter valued at approximately $172,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Ligand Pharmaceuticals in the third quarter valued at approximately $180,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

About Ligand Pharmaceuticals

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.