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

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 - Free Report) had its target price boosted by Oppenheimer from $167.00 to $190.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the biotechnology company's stock.

LGND has been the topic of several other reports. Benchmark increased their target price on shares of Ligand Pharmaceuticals from $160.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Wall Street Zen upgraded shares of Ligand Pharmaceuticals from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Royal Bank Of Canada boosted their target price on shares of Ligand Pharmaceuticals from $155.00 to $185.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, HC Wainwright upped their price objective on shares of Ligand Pharmaceuticals from $157.00 to $206.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Six research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $176.50.

Ligand Pharmaceuticals Stock Performance

Shares of NASDAQ:LGND traded down $0.65 on Wednesday, hitting $166.10. 51,554 shares of the company were exchanged, compared to its average volume of 147,732. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of -41.43 and a beta of 0.96. The company's 50 day moving average price is $140.87 and its two-hundred day moving average price is $119.51. Ligand Pharmaceuticals has a one year low of $93.58 and a one year high of $169.49.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The biotechnology company reported $1.60 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.06. The company had revenue of $47.63 million for the quarter, compared to analysts' expectations of $43.87 million. Ligand Pharmaceuticals had a negative net margin of 40.44% and a negative return on equity of 9.21%. The business's quarterly revenue was up 14.7% compared to the same quarter last year. During the same period last 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 earnings per share for the current year.

Insider Transactions at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 500 shares of the company's stock in a transaction 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 sale, the insider owned 31,903 shares of the company's stock, valued at approximately $3,639,494.24. This represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John W. Kozarich sold 467 shares of Ligand Pharmaceuticals stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $162.26, for a total transaction of $75,775.42. Following the sale, the director directly owned 45,522 shares of the company's stock, valued at $7,386,399.72. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,868 shares of company stock valued at $368,423 in the last ninety days. Insiders own 7.00% of the company's stock.

Institutional Trading of Ligand Pharmaceuticals

Several hedge funds have recently bought and sold shares of LGND. Osaic Holdings Inc. raised its position in shares of Ligand Pharmaceuticals by 170.7% in the second quarter. Osaic Holdings Inc. now owns 5,860 shares of the biotechnology company's stock worth $639,000 after acquiring an additional 3,695 shares during the period. Ranger Investment Management L.P. raised its holdings 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 in the last quarter. Ashford Capital Management Inc. lifted its stake in shares of Ligand Pharmaceuticals by 1.5% during the second quarter. Ashford Capital Management Inc. now owns 302,527 shares of the biotechnology company's stock valued at $34,391,000 after buying an additional 4,492 shares during the period. Public Sector Pension Investment Board raised its stake in Ligand Pharmaceuticals by 9.9% during the second quarter. Public Sector Pension Investment Board now owns 65,800 shares of the biotechnology company's stock worth $7,480,000 after purchasing an additional 5,922 shares during the period. Finally, Evergreen Capital Management LLC purchased a new stake in shares of Ligand Pharmaceuticals in the second quarter worth about $205,000. Hedge funds and other 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.