Ligand Pharmaceuticals (NASDAQ:LGND) Price Target Raised to $340.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target on Ligand Pharmaceuticals to $340 from $262 and maintained an outperform rating, implying about 13.3% upside from the prior close.
• Several other analysts also lifted their targets recently, including Bank of America to $388 and Stifel to $332, while the broader consensus remains a Moderate Buy with an average target of $304.
• The stock was slightly lower on the day, and the company’s latest earnings beat showed EPS of $1.63 versus $1.84 expected and revenue of $51.72 million versus estimates of $59.10 million.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) had its target price boosted by equities researchers at Royal Bank Of Canada from $262.00 to $340.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the biotechnology company's stock. Royal Bank Of Canada's price target would indicate a potential upside of 13.31% from the stock's previous close.

A number of other research firms also recently commented on LGND. HC Wainwright increased their target price on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Weiss Ratings downgraded shares of Ligand Pharmaceuticals from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 15th. Citigroup raised their price objective on Ligand Pharmaceuticals from $276.00 to $282.00 and gave the stock a "buy" rating in a report on Wednesday, April 15th. Bank of America boosted their target price on Ligand Pharmaceuticals from $266.00 to $388.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Finally, Stifel Nicolaus upped their target price on Ligand Pharmaceuticals from $255.00 to $332.00 and gave the company a "buy" rating in a research report on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Ligand Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $304.00.

Ligand Pharmaceuticals Stock Down 0.3%

NASDAQ LGND traded down $0.91 during trading on Wednesday, reaching $300.06. 90,322 shares of the company's stock were exchanged, compared to its average volume of 277,319. The company has a 50 day moving average price of $259.08 and a two-hundred day moving average price of $222.63. The stock has a market cap of $6.01 billion, a P/E ratio of 40.61, a price-to-earnings-growth ratio of 3.06 and a beta of 1.10. Ligand Pharmaceuticals has a 1 year low of $123.66 and a 1 year high of $326.63. The company has a debt-to-equity ratio of 0.45, a quick ratio of 20.95 and a current ratio of 21.28.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last issued its earnings results on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share 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 business had revenue of $51.72 million for the quarter, compared to analyst estimates of $59.10 million. During the same period last year, the business posted $1.33 EPS. Ligand Pharmaceuticals's revenue was up 14.1% on a year-over-year basis. On average, equities research analysts anticipate that Ligand Pharmaceuticals will post 4.56 EPS for the current fiscal year.

Insider Activity

In other news, Director Jason Haas sold 6,461 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $255.58, for a total value of $1,651,302.38. Following the transaction, the director owned 4,981 shares of the company's stock, valued at approximately $1,273,043.98. The trade was a 56.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jason Aryeh sold 4,500 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $250.00, for a total value of $1,125,000.00. Following the sale, the director owned 102,580 shares of the company's stock, valued at $25,645,000. This trade represents a 4.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 35,698 shares of company stock worth $9,019,252 over the last quarter. 7.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL purchased a new position in Ligand Pharmaceuticals in the third quarter worth $2,789,955,000. Franklin Resources Inc. lifted its stake in shares of Ligand Pharmaceuticals by 115.9% during the fourth quarter. Franklin Resources Inc. now owns 496,160 shares of the biotechnology company's stock valued at $93,809,000 after buying an additional 266,304 shares during the period. Invesco Ltd. boosted its position in Ligand Pharmaceuticals by 64.6% during the third quarter. Invesco Ltd. now owns 378,295 shares of the biotechnology company's stock worth $67,011,000 after acquiring an additional 148,437 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Ligand Pharmaceuticals by 385,028.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 146,349 shares of the biotechnology company's stock worth $27,670,000 after acquiring an additional 146,311 shares during the period. Finally, Fiera Capital Corp acquired a new position in Ligand Pharmaceuticals in the 4th quarter valued at $24,813,000. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

About Ligand Pharmaceuticals

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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