Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Receives Average Recommendation of “Buy” from Brokerages

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) has been assigned an average recommendation of “Buy” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $147.00.

A number of research analysts recently commented on the company. Oppenheimer increased their target price on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Benchmark raised their price objective on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the company a “buy” rating in a report on Friday, November 8th. Royal Bank of Canada boosted their target price on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Barclays lifted their price target on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, HC Wainwright restated a “buy” rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th.

Ligand Pharmaceuticals Price Performance

Shares of NASDAQ:LGND opened at $122.34 on Tuesday. Ligand Pharmaceuticals has a one year low of $67.36 and a one year high of $129.90. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of 48.74 and a beta of 1.01. The company’s fifty day moving average price is $114.39 and its 200-day moving average price is $102.59.

Insiders Place Their Bets

In other Ligand Pharmaceuticals news, Director John L. Lamattina sold 2,406 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was 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 of the company’s stock, valued at $3,649,529.75. This represents a 7.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Matthew E. Korenberg sold 6,275 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $104.10, for a total value of $653,227.50. Following the completion of the sale, the chief operating officer now owns 50,777 shares of the company’s stock, valued at approximately $5,285,885.70. This trade represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,728 shares of company stock valued at $2,271,575 in the last ninety days. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Woodstock Corp raised its stake in Ligand Pharmaceuticals by 0.3% in the third quarter. Woodstock Corp now owns 29,211 shares of the biotechnology company’s stock worth $2,924,000 after buying an additional 100 shares in the last quarter. Creative Planning grew its holdings in shares of Ligand Pharmaceuticals by 4.0% during the 3rd quarter. Creative Planning now owns 2,896 shares of the biotechnology company’s stock worth $290,000 after acquiring an additional 111 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Ligand Pharmaceuticals by 23.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock worth $64,000 after acquiring an additional 125 shares in the last quarter. Headlands Technologies LLC lifted its stake in shares of Ligand Pharmaceuticals by 21.7% in the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock valued at $64,000 after purchasing an additional 135 shares during the period. Finally, Arizona State Retirement System boosted its position in shares of Ligand Pharmaceuticals by 3.4% during the second quarter. Arizona State Retirement System now owns 4,708 shares of the biotechnology company’s stock valued at $397,000 after purchasing an additional 156 shares in the last quarter. Institutional investors 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.