Benchmark Issues Positive Forecast for Ligand Pharmaceuticals (NASDAQ:LGND) Stock Price

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 report released on Tuesday,Benzinga reports. They currently have a buy rating on the biotechnology company's stock.

A number of other analysts have also weighed in on the company. HC Wainwright increased their target price on Ligand Pharmaceuticals from $157.00 to $206.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Wall Street Zen upgraded Ligand Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Oppenheimer increased their target price on Ligand Pharmaceuticals from $145.00 to $162.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Finally, Royal Bank Of Canada increased their target price on Ligand Pharmaceuticals from $155.00 to $185.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Six analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $176.50.

Ligand Pharmaceuticals Stock Down 0.6%

NASDAQ LGND traded down $0.99 during trading hours on Tuesday, hitting $166.75. 193,974 shares of the company were exchanged, compared to its average volume of 288,411. The stock has a 50-day moving average price of $140.87 and a 200 day moving average price of $119.53. Ligand Pharmaceuticals has a 52 week low of $93.58 and a 52 week high of $169.49. The stock has a market cap of $3.27 billion, a PE ratio of -41.69 and a beta of 0.96.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its earnings results on Thursday, August 7th. The biotechnology company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $43.87 million. During the same quarter in the previous year, the business earned $1.40 earnings per share. The company's revenue for the quarter was up 14.7% compared to the same quarter last year. Ligand Pharmaceuticals has set its FY 2025 guidance at 6.700-7.000 EPS. As a group, sell-side analysts anticipate that Ligand Pharmaceuticals will post 1.73 earnings per share for the current year.

Insiders Place Their Bets

In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 500 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $114.08, for a total transaction of $57,040.00. Following the sale, the insider owned 31,903 shares of the company's stock, valued at approximately $3,639,494.24. This trade represents a 1.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John W. Kozarich sold 467 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $162.26, for a total value of $75,775.42. Following the sale, the director directly owned 45,522 shares in the company, valued at $7,386,399.72. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,868 shares of company stock valued at $368,423. 7.00% of the stock is owned by company insiders.

Institutional Trading of Ligand Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of LGND. Principal Financial Group Inc. increased its position in Ligand Pharmaceuticals by 3.3% during the 1st quarter. Principal Financial Group Inc. now owns 102,874 shares of the biotechnology company's stock valued at $10,816,000 after buying an additional 3,284 shares in the last quarter. GAMMA Investing LLC increased its position in Ligand Pharmaceuticals by 68.5% during the 1st quarter. GAMMA Investing LLC now owns 593 shares of the biotechnology company's stock valued at $62,000 after buying an additional 241 shares in the last quarter. American Century Companies Inc. increased its position in Ligand Pharmaceuticals by 8.6% during the 1st quarter. American Century Companies Inc. now owns 40,456 shares of the biotechnology company's stock valued at $4,254,000 after buying an additional 3,219 shares in the last quarter. Handelsbanken Fonder AB increased its position in Ligand Pharmaceuticals by 13.7% during the 1st quarter. Handelsbanken Fonder AB now owns 6,658 shares of the biotechnology company's stock valued at $700,000 after buying an additional 800 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in Ligand Pharmaceuticals by 323.6% during the 1st quarter. SG Americas Securities LLC now owns 6,808 shares of the biotechnology company's stock valued at $716,000 after buying an additional 5,201 shares in the last quarter. 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.