StockNews.com Upgrades Ligand Pharmaceuticals (NASDAQ:LGND) to Hold

Ligand Pharmaceuticals (NASDAQ:LGND) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report issued on Tuesday.

Other research analysts have also recently issued research reports about the stock. Benchmark reiterated a “buy” rating and set a $135.00 price objective on shares of Ligand Pharmaceuticals in a research report on Monday, December 23rd. Royal Bank of Canada upped their price target on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. HC Wainwright reissued a “buy” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Finally, Barclays upped their target price on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $147.00.

Ligand Pharmaceuticals Stock Performance

Shares of Ligand Pharmaceuticals stock opened at $109.95 on Tuesday. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 43.80 and a beta of 1.12. The stock has a 50 day moving average price of $114.33 and a 200-day moving average price of $111.77. Ligand Pharmaceuticals has a one year low of $67.72 and a one year high of $129.90.

Insiders Place Their Bets

In related news, CFO Octavio Espinoza sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $115.03, for a total value of $575,150.00. Following the completion of the sale, the chief financial officer now owns 18,879 shares in the company, valued at approximately $2,171,651.37. The trade was a 20.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC bought a new position in shares of Ligand Pharmaceuticals during the 4th quarter worth $286,000. GF Fund Management CO. LTD. purchased a new stake in Ligand Pharmaceuticals in the fourth quarter worth about $43,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Ligand Pharmaceuticals by 26.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,401 shares of the biotechnology company’s stock worth $5,400,000 after acquiring an additional 10,563 shares in the last quarter. Squarepoint Ops LLC purchased a new position in Ligand Pharmaceuticals during the 4th quarter valued at about $1,800,000. Finally, ProShare Advisors LLC increased its position in Ligand Pharmaceuticals by 32.0% during the 4th quarter. ProShare Advisors LLC now owns 6,144 shares of the biotechnology company’s stock valued at $658,000 after purchasing an additional 1,490 shares during the period. 91.28% of the stock is owned by institutional investors.

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.