Ligand Pharmaceuticals (NASDAQ:LGND) Hits New 1-Year High - Here's Why

Key Points

• Ligand Pharmaceuticals hit a new 52-week high on Tuesday, with shares trading as high as $314.80 after closing at $303.59 the prior day.
• Analyst sentiment remains largely positive: several firms raised price targets, and the stock now has a Moderate Buy consensus with 7 Buy ratings and 1 Hold.
• Despite the stock’s strength, the latest quarterly results missed EPS and revenue estimates, while insiders recently sold shares and institutions continue to hold the vast majority of the company’s stock.

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $314.80 and last traded at $314.04, with a volume of 539300 shares. The stock had previously closed at $303.59.

Analysts Set New Price Targets

A number of brokerages have weighed in on LGND. Citigroup upped their price target on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a "buy" rating in a report on Wednesday, April 15th. Royal Bank Of Canada boosted their target price on shares of Ligand Pharmaceuticals from $252.00 to $262.00 and gave the stock an "outperform" rating in a report on Friday, May 8th. Wall Street Zen lowered shares of Ligand Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Saturday, March 7th. HC Wainwright raised their target price on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Finally, Bank of America assumed coverage on shares of Ligand Pharmaceuticals in a research report on Wednesday, March 11th. They issued a "buy" rating and a $244.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $257.71.

Ligand Pharmaceuticals Price Performance

The stock has a 50-day moving average of $240.41 and a two-hundred day moving average of $213.18. The firm has a market cap of $6.29 billion, a price-to-earnings ratio of 42.61, a price-to-earnings-growth ratio of 3.39 and a beta of 1.17. The company has a current ratio of 21.28, a quick ratio of 20.95 and a debt-to-equity ratio of 0.45.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.21). Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.The company had revenue of $51.72 million for the quarter, compared to analyst estimates of $59.10 million. During the same quarter in the previous year, the firm posted $1.33 EPS. Ligand Pharmaceuticals's quarterly revenue was up 14.1% on a year-over-year basis. On average, analysts anticipate that Ligand Pharmaceuticals Incorporated will post 4.25 EPS for the current year.

Insiders Place Their Bets

In related news, Director Jason Haas sold 6,461 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $255.58, for a total value of $1,651,302.38. Following the completion of the transaction, the director owned 4,981 shares of the company's stock, valued at approximately $1,273,043.98. This trade represents a 56.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John L. Lamattina sold 4,591 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $250.88, for a total transaction of $1,151,790.08. Following the transaction, the director owned 26,969 shares in the company, valued at approximately $6,765,982.72. The trade was a 14.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 36,165 shares of company stock worth $8,553,493 in the last quarter. Corporate insiders own 7.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Cim Investment Management Inc. grew its holdings in shares of Ligand Pharmaceuticals by 3.4% during the 1st quarter. Cim Investment Management Inc. now owns 1,484 shares of the biotechnology company's stock valued at $296,000 after acquiring an additional 49 shares in the last quarter. Maryland State Retirement & Pension System raised its holdings in shares of Ligand Pharmaceuticals by 2.2% during the fourth quarter. Maryland State Retirement & Pension System now owns 2,872 shares of the biotechnology company's stock worth $543,000 after acquiring an additional 61 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Ligand Pharmaceuticals by 86.3% during the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company's stock worth $26,000 after acquiring an additional 69 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Ligand Pharmaceuticals by 3.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,688 shares of the biotechnology company's stock valued at $527,000 after purchasing an additional 78 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in Ligand Pharmaceuticals by 5.4% during the fourth quarter. Cerity Partners LLC now owns 1,531 shares of the biotechnology company's stock valued at $289,000 after purchasing an additional 79 shares during the last quarter. Hedge funds and other institutional investors own 91.28% of the company's stock.

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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