Ligand Pharmaceuticals (NASDAQ:LGND) Given New $358.00 Price Target at HC Wainwright

Key Points

• HC Wainwright raised Ligand Pharmaceuticals’ price target to $358 from $289 and maintained a “buy” rating, implying 14.7% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with a consensus target of $335.86.
• Ligand shares rose 3.2% to $312.13, near their 52-week high of $326.63. The company’s latest quarterly results exceeded expectations, with EPS of $2.37 versus $1.95 expected and revenue up 33.8% year over year to $63.69 million.
• Institutional investors own 91.28% of the stock, while insiders sold 35,231 shares worth approximately $9.2 million over the past 90 days.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) had its price objective increased by HC Wainwright from $289.00 to $358.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. HC Wainwright's target price indicates a potential upside of 14.70% from the company's previous close.

Several other research analysts also recently weighed in on the stock. Stifel Nicolaus upped their target price on shares of Ligand Pharmaceuticals from $255.00 to $332.00 and gave the company a "buy" rating in a research note on Wednesday, July 8th. Citigroup started coverage on shares of Ligand Pharmaceuticals in a research report on Tuesday, July 21st. They issued a "buy" rating and a $387.00 price objective for the company. Oppenheimer reaffirmed an "outperform" rating and set a $326.00 target price (up from $285.00) on shares of Ligand Pharmaceuticals in a research report on Monday. Bank of America boosted their price target on Ligand Pharmaceuticals from $266.00 to $388.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Finally, Weiss Ratings lowered Ligand Pharmaceuticals from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 15th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $335.86.

Ligand Pharmaceuticals Stock Up 3.2%

Shares of LGND traded up $9.56 during midday trading on Thursday, reaching $312.13. 216,879 shares of the company were exchanged, compared to its average volume of 279,064. Ligand Pharmaceuticals has a 1-year low of $137.14 and a 1-year high of $326.63. The stock has a 50-day moving average price of $283.44 and a 200-day moving average price of $234.14. The company has a current ratio of 21.28, a quick ratio of 20.95 and a debt-to-equity ratio of 0.45. The company has a market cap of $6.26 billion, a price-to-earnings ratio of 42.35, a P/E/G ratio of 2.78 and a beta of 1.13.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its earnings results on Thursday, August 6th. The biotechnology company reported $2.37 EPS for the quarter, beating the consensus estimate of $1.95 by $0.42. The business had revenue of $63.69 million for the quarter, compared to the consensus estimate of $60.87 million. Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.The company's revenue was up 33.8% on a year-over-year basis. During the same period last year, the business posted $1.60 EPS. Ligand Pharmaceuticals has set its FY 2026 guidance at 9.000-9.500 EPS. Research analysts expect that Ligand Pharmaceuticals will post 4.89 earnings per share for the current year.

Insider Buying and Selling

In other news, Director John L. Lamattina sold 4,591 shares of the business's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $250.88, for a total value of $1,151,790.08. Following the sale, the director owned 26,969 shares of the company's stock, valued at approximately $6,765,982.72. The trade was a 14.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jason Aryeh sold 4,500 shares of the company's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $250.00, for a total value of $1,125,000.00. Following the completion of the sale, the director owned 102,580 shares of the company's stock, valued at approximately $25,645,000. This trade represents a 4.20% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 35,231 shares of company stock worth $9,199,401. Company insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of LGND. Janus Henderson Group PLC grew its stake in shares of Ligand Pharmaceuticals by 1.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,009,891 shares of the biotechnology company's stock worth $201,623,000 after purchasing an additional 14,491 shares during the last quarter. State Street Corp lifted its stake in Ligand Pharmaceuticals by 3.1% during the second quarter. State Street Corp now owns 749,754 shares of the biotechnology company's stock valued at $85,232,000 after purchasing an additional 22,629 shares during the last quarter. Invesco Ltd. boosted its holdings in Ligand Pharmaceuticals by 36.5% during the fourth quarter. Invesco Ltd. now owns 516,464 shares of the biotechnology company's stock worth $97,648,000 after buying an additional 138,169 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Ligand Pharmaceuticals by 115.9% during the fourth quarter. Franklin Resources Inc. now owns 496,160 shares of the biotechnology company's stock worth $93,809,000 after buying an additional 266,304 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Ligand Pharmaceuticals by 4.1% in the fourth quarter. Geode Capital Management LLC now owns 493,589 shares of the biotechnology company's stock worth $93,336,000 after buying an additional 19,400 shares during the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Company Profile

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company's product offerings center around several core platforms.

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