Ligand Pharmaceuticals (NASDAQ:LGND) Price Target Raised to $190.00 at Oppenheimer

Key Points

• Oppenheimer raised the price target for Ligand Pharmaceuticals from $167.00 to $190.00, indicating a potential upside of 14.50% from the company's last close.
• The biotechnology company recently reported $1.60 EPS for the quarter, surpassing analysts’ expectations of $1.54, along with a revenue increase of 14.7% year-over-year.
• Institutional investors are actively increasing their stakes in Ligand Pharmaceuticals, with significant acquisitions such as Jacobs Levy Equity Management's new position worth about $16.5 million.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) had its price objective boosted by equities research analysts at Oppenheimer from $167.00 to $190.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the biotechnology company's stock. Oppenheimer's price target would indicate a potential upside of 14.50% from the company's previous close.

Several other research firms also recently weighed in on LGND. Benchmark lifted their target price on shares of Ligand Pharmaceuticals from $160.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday. Wall Street Zen raised Ligand Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. HC Wainwright increased their target price on Ligand Pharmaceuticals from $157.00 to $206.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Royal Bank Of Canada raised their target price on Ligand Pharmaceuticals from $155.00 to $185.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Ligand Pharmaceuticals presently has an average rating of "Buy" and an average price target of $176.50.

Ligand Pharmaceuticals Stock Up 1.4%

NASDAQ:LGND traded up $2.22 on Wednesday, hitting $165.95. The stock had a trading volume of 23,128 shares, compared to its average volume of 147,168. The company has a fifty day moving average price of $137.76 and a two-hundred day moving average price of $118.57. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of -41.49 and a beta of 0.96. Ligand Pharmaceuticals has a 1-year low of $93.58 and a 1-year high of $166.41.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $47.63 million for the quarter, compared to analysts' expectations of $43.87 million. Ligand Pharmaceuticals had a negative return on equity of 9.21% and a negative net margin of 40.44%.The firm's quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.40 earnings per share. Ligand Pharmaceuticals has set its FY 2025 guidance at 6.700-7.000 EPS. As a group, analysts anticipate that Ligand Pharmaceuticals will post 1.73 earnings per share for the current year.

Insider Buying and Selling

In other Ligand Pharmaceuticals news, Director John W. Kozarich sold 934 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $125.00, for a total transaction of $116,750.00. Following the completion of the transaction, the director owned 46,456 shares in the company, valued at $5,807,000. The trade was a 1.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andrew Reardon sold 500 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $114.08, for a total transaction of $57,040.00. Following the completion of the sale, the insider directly owned 31,903 shares in the company, valued at approximately $3,639,494.24. This represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,401 shares of company stock valued at $292,648 in the last quarter. 7.00% of the stock is owned by insiders.

Institutional Trading of Ligand Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. acquired a new position in shares of Ligand Pharmaceuticals during the 1st quarter worth about $16,526,000. Ranger Investment Management L.P. lifted its stake in Ligand Pharmaceuticals by 57.8% during the second quarter. Ranger Investment Management L.P. now owns 300,025 shares of the biotechnology company's stock worth $34,107,000 after purchasing an additional 109,935 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in Ligand Pharmaceuticals by 70.0% in the fourth quarter. Driehaus Capital Management LLC now owns 162,771 shares of the biotechnology company's stock valued at $17,441,000 after purchasing an additional 67,033 shares in the last quarter. GAMMA Investing LLC increased its stake in Ligand Pharmaceuticals by 17,612.5% in the first quarter. GAMMA Investing LLC now owns 62,348 shares of the biotechnology company's stock valued at $6,555,000 after purchasing an additional 61,996 shares during the last quarter. Finally, CenterBook Partners LP raised its holdings in Ligand Pharmaceuticals by 190.2% during the first quarter. CenterBook Partners LP now owns 68,299 shares of the biotechnology company's stock worth $7,181,000 after purchasing an additional 44,760 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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