StockNews.com Downgrades Ligand Pharmaceuticals (NASDAQ:LGND) to Sell

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) was downgraded by StockNews.com from a "hold" rating to a "sell" rating in a report released on Monday.

Other analysts also recently issued research reports about the company. Oppenheimer upped their price target on Ligand Pharmaceuticals from $142.00 to $145.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th. Stifel Nicolaus initiated coverage on shares of Ligand Pharmaceuticals in a report on Thursday, April 10th. They set a "buy" rating and a $143.00 price objective for the company. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Ligand Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $146.14.

Ligand Pharmaceuticals Price Performance

LGND traded up $1.07 during midday trading on Monday, hitting $104.54. 79,579 shares of the company's stock traded hands, compared to its average volume of 117,050. The company has a market cap of $2.02 billion, a PE ratio of 41.65 and a beta of 0.87. The stock's fifty day simple moving average is $105.89 and its 200-day simple moving average is $112.25. Ligand Pharmaceuticals has a one year low of $77.43 and a one year high of $129.90.

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

Insider Transactions at Ligand Pharmaceuticals

In related news, CEO Todd C. Davis purchased 9,510 shares of the firm's stock in a transaction on Friday, May 9th. The shares were bought at an average cost of $105.20 per share, for a total transaction of $1,000,452.00. Following the transaction, the chief executive officer now directly owns 161,234 shares of the company's stock, valued at approximately $16,961,816.80. This trade represents a 6.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Octavio Espinoza sold 5,000 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $115.03, for a total transaction of $575,150.00. Following the transaction, the chief financial officer now owns 18,879 shares in the company, valued at approximately $2,171,651.37. The trade was a 20.94% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.90% of the company's stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Several hedge funds have recently made changes to their positions in the stock. Opal Wealth Advisors LLC acquired a new position in shares of Ligand Pharmaceuticals in the first quarter valued at $32,000. Smartleaf Asset Management LLC lifted 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 worth $43,000 after purchasing an additional 221 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Ligand Pharmaceuticals during the fourth quarter worth $43,000. Redwood Park Advisors LLC acquired a new position in Ligand Pharmaceuticals during the 4th quarter valued at about $48,000. Finally, Sterling Capital Management LLC grew 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 acquiring an additional 487 shares during the period. 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.