Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Given Consensus Recommendation of "Buy" by Brokerages

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report) have earned an average rating of "Buy" from the seven brokerages that are currently covering the company, Marketbeat.com reports. Seven investment analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $146.14.

LGND has been the topic of several research analyst reports. Oppenheimer increased their price target on Ligand Pharmaceuticals from $142.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, May 9th. StockNews.com lowered Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Monday. Finally, Stifel Nicolaus began coverage on Ligand Pharmaceuticals in a research report on Thursday, April 10th. They set a "buy" rating and a $143.00 price objective for the company.

Ligand Pharmaceuticals Stock Down 1.5%

LGND opened at $103.47 on Friday. Ligand Pharmaceuticals has a 52 week low of $77.43 and a 52 week high of $129.90. The business has a 50 day moving average of $105.89 and a 200-day moving average of $112.25. The stock has a market cap of $2.00 billion, a PE ratio of 41.22 and a beta of 0.87.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.10. The company had revenue of $45.33 million for the quarter, compared to analysts' expectations of $37.84 million. Ligand Pharmaceuticals had a net margin of 29.68% and a return on equity of 4.95%. During the same quarter in the previous year, the business posted $3.84 EPS. Equities analysts anticipate that Ligand Pharmaceuticals will post 1.73 EPS for the current year.

Insider Activity at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza purchased 1,500 shares of the firm's stock in a transaction on Friday, May 9th. The stock was acquired at an average price of $104.06 per share, with a total value of $156,090.00. Following the completion of the acquisition, the chief financial officer now owns 27,932 shares in the company, valued at approximately $2,906,603.92. This represents a 5.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Todd C. Davis bought 9,510 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Friday, May 9th. The shares were acquired at an average cost of $105.20 per share, with a total value of $1,000,452.00. Following the acquisition, the chief executive officer now owns 161,234 shares of the company's stock, valued at $16,961,816.80. The trade was a 6.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Ligand Pharmaceuticals in the first quarter valued at about $32,000. Smartleaf Asset Management LLC increased its position in shares of Ligand Pharmaceuticals by 119.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company's stock valued at $43,000 after acquiring an additional 221 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in Ligand Pharmaceuticals in the fourth quarter valued at approximately $43,000. Redwood Park Advisors LLC purchased a new position in Ligand Pharmaceuticals during the 4th quarter valued at about $48,000. Finally, Sterling Capital Management LLC lifted its holdings in Ligand Pharmaceuticals by 825.4% during the 4th quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company's stock worth $59,000 after buying an additional 487 shares in 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.

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