Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Sees Significant Increase in Short Interest

Key Points

• Ligand Pharmaceuticals experienced a significant 29.9% increase in short interest in August, with a total of 1,190,000 shares shorted as of August 15th.
• The company reported Q2 earnings of $1.60 EPS, exceeding expectations, and projected FY 2025 earnings guidance of 6.700-7.000 EPS.
• Analysts have largely rated Ligand Pharmaceuticals as a "Buy," with price targets ranging from $175.00 to $206.00, reflecting positive sentiment towards the stock's potential growth.

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report) was the target of a significant growth in short interest in August. As of August 15th, there was short interest totaling 1,190,000 shares, a growth of 29.9% from the July 31st total of 915,900 shares. Based on an average daily volume of 204,600 shares, the short-interest ratio is presently 5.8 days. Based on an average daily volume of 204,600 shares, the short-interest ratio is presently 5.8 days.

Insider Transactions at Ligand Pharmaceuticals

In related news, Director John W. Kozarich sold 934 shares of Ligand Pharmaceuticals stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $125.00, for a total value of $116,750.00. Following the completion of the transaction, the director directly owned 46,456 shares in the company, valued at approximately $5,807,000. This trade represents a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew Reardon sold 500 shares of Ligand Pharmaceuticals stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $114.08, for a total value of $57,040.00. Following the completion of the transaction, the insider owned 31,903 shares of the company's stock, valued at $3,639,494.24. This trade represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,368 shares of company stock valued at $311,153 over the last quarter. Insiders own 7.00% of the company's stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. raised its holdings in shares of Ligand Pharmaceuticals by 3.3% during the first 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 during the last quarter. GAMMA Investing LLC raised its holdings in shares of Ligand Pharmaceuticals by 68.5% during the first quarter. GAMMA Investing LLC now owns 593 shares of the biotechnology company's stock valued at $62,000 after buying an additional 241 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Ligand Pharmaceuticals by 8.6% during the first 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 during the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Ligand Pharmaceuticals by 13.7% during the first 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 during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Ligand Pharmaceuticals by 323.6% during the first 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 during the last quarter. Institutional investors own 91.28% of the company's stock.

Ligand Pharmaceuticals Stock Down 0.8%

LGND stock traded down $1.31 during midday trading on Friday, reaching $165.75. The company had a trading volume of 298,641 shares, compared to its average volume of 153,688. The stock has a 50 day moving average price of $146.09 and a 200 day moving average price of $121.18. Ligand Pharmaceuticals has a fifty-two week low of $93.58 and a fifty-two week high of $169.49. The firm has a market capitalization of $3.25 billion, a PE ratio of -41.44 and a beta of 0.96.

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

Wall Street Analysts Forecast Growth

LGND has been the subject of a number of research reports. Wall Street Zen upgraded Ligand Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. HC Wainwright lifted their price target on Ligand Pharmaceuticals from $157.00 to $206.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Oppenheimer lifted their target price on Ligand Pharmaceuticals from $167.00 to $190.00 and gave the company an "outperform" rating in a research note on Wednesday, September 3rd. Royal Bank Of Canada lifted their target price on Ligand Pharmaceuticals from $155.00 to $185.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, Benchmark lifted their target price on Ligand Pharmaceuticals from $160.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, September 2nd. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $176.50.

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.