Ligand Pharmaceuticals (NASDAQ:LGND) Price Target Raised to $175.00

Key Points

• Benchmark has increased its price target for Ligand Pharmaceuticals (NASDAQ:LGND) from $160.00 to $175.00, indicating a potential upside of 6.72% from the stock's previous close.
• The company has received favorable ratings from several research firms, with a consensus rating of "Buy" and an average price target of $171.83.
• Ligand Pharmaceuticals reported earnings of $1.60 per share for the recent quarter, exceeding expectations, and has a revenue growth of 14.7% year over year.

Ligand Pharmaceuticals (NASDAQ:LGND - Free Report) had its price target increased by Benchmark from $160.00 to $175.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the biotechnology company's stock.

LGND has been the topic of several other reports. Wall Street Zen raised Ligand Pharmaceuticals from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Oppenheimer increased their price target on Ligand Pharmaceuticals from $145.00 to $162.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada increased their price target on Ligand Pharmaceuticals from $155.00 to $185.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, HC Wainwright increased their price target on Ligand Pharmaceuticals from $157.00 to $206.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Six research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $176.50.

Ligand Pharmaceuticals Trading Down 0.6%

Shares of LGND stock traded down $0.99 during trading hours on Tuesday, reaching $166.75. 193,974 shares of the company's stock were exchanged, compared to its average volume of 288,411. The stock's 50 day moving average is $140.87 and its 200-day moving average is $119.55. The company has a market cap of $3.27 billion, a price-to-earnings ratio of -41.69 and a beta of 0.96. Ligand Pharmaceuticals has a fifty-two week low of $93.58 and a fifty-two week high of $169.49.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The biotechnology company reported $1.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.06. Ligand Pharmaceuticals had a negative return on equity of 9.21% and a negative net margin of 40.44%.The business had revenue of $47.63 million for the quarter, compared to the consensus estimate of $43.87 million. During the same period in the prior year, the firm posted $1.40 earnings per share. The business's quarterly revenue was up 14.7% on a year-over-year basis. Ligand Pharmaceuticals has set its FY 2025 guidance at 6.700-7.000 EPS. Equities analysts anticipate that Ligand Pharmaceuticals will post 1.73 EPS for the current year.

Insider Activity

In other news, insider Andrew Reardon sold 500 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $114.08, for a total transaction of $57,040.00. Following the sale, the insider directly owned 31,903 shares of the company's stock, valued at $3,639,494.24. This represents a 1.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John W. Kozarich sold 467 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $162.26, for a total transaction of $75,775.42. Following the completion of the transaction, the director directly owned 45,522 shares in the company, valued at $7,386,399.72. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,868 shares of company stock worth $368,423. Corporate insiders own 7.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LGND. Mariner LLC acquired a new stake in Ligand Pharmaceuticals in the 4th quarter valued at about $276,000. Tower Research Capital LLC TRC lifted its position in shares of Ligand Pharmaceuticals by 317.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 810 shares of the biotechnology company's stock worth $87,000 after purchasing an additional 616 shares during the last quarter. Stifel Financial Corp lifted its position in Ligand Pharmaceuticals by 5.4% in the fourth quarter. Stifel Financial Corp now owns 16,813 shares of the biotechnology company's stock valued at $1,802,000 after acquiring an additional 864 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Ligand Pharmaceuticals by 19.2% in the fourth quarter. Hsbc Holdings PLC now owns 3,764 shares of the biotechnology company's stock valued at $398,000 after buying an additional 605 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Ligand Pharmaceuticals by 13.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,518 shares of the biotechnology company's stock valued at $1,663,000 after buying an additional 1,781 shares during the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

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.