Ligand Pharmaceuticals (NASDAQ:LGND) Hits New 52-Week High - Time to Buy?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report)'s share price hit a new 52-week high on Wednesday . The company traded as high as $130.94 and last traded at $127.97, with a volume of 140603 shares. The stock had previously closed at $124.30.

Wall Street Analyst Weigh In

LGND has been the subject of a number of analyst reports. Oppenheimer upped their price objective on shares of Ligand Pharmaceuticals from $142.00 to $145.00 and gave the company an "outperform" rating in a research report on Friday, May 9th. Stifel Nicolaus initiated coverage on shares of Ligand Pharmaceuticals in a research report on Thursday, April 10th. They issued a "buy" rating and a $143.00 price objective for the company. Finally, Wall Street Zen cut shares of Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $147.17.

Ligand Pharmaceuticals Price Performance

The stock's fifty day simple moving average is $112.10 and its 200-day simple moving average is $111.02. The stock has a market cap of $2.68 billion, a P/E ratio of -19.54 and a beta of 0.84.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last issued its earnings results on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.10. Ligand Pharmaceuticals had a negative net margin of 73.07% and a negative return on equity of 7.83%. The firm had revenue of $45.33 million for the quarter, compared to analysts' expectations of $37.84 million. During the same quarter last year, the company posted $3.84 earnings per share. Analysts forecast that Ligand Pharmaceuticals Incorporated will post 1.73 EPS for the current year.

Insider Activity

In related news, Director John W. Kozarich sold 934 shares of the firm'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 transaction, the director owned 46,456 shares in the company, valued at $5,807,000. This trade represents a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Octavio Espinoza acquired 1,500 shares of the stock in a transaction that occurred on Friday, May 9th. The shares were bought at an average price of $104.06 per share, for a total transaction of $156,090.00. Following the purchase, the chief financial officer directly owned 27,932 shares of the company's stock, valued at approximately $2,906,603.92. This trade represents a 5.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 2,934 shares of company stock worth $335,060 over the last ninety days. 7.00% of the stock is owned by company insiders.

Institutional Trading of Ligand Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. Maseco LLP bought a new stake in Ligand Pharmaceuticals during the second quarter worth approximately $31,000. Opal Wealth Advisors LLC acquired a new position in Ligand Pharmaceuticals in the 1st quarter worth approximately $32,000. GF Fund Management CO. LTD. acquired a new position in Ligand Pharmaceuticals in the 4th quarter worth approximately $43,000. Redwood Park Advisors LLC acquired a new stake in shares of Ligand Pharmaceuticals during the 4th quarter valued at $48,000. Finally, Sterling Capital Management LLC boosted its stake in shares of Ligand Pharmaceuticals by 825.4% during the 4th quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company's stock valued at $59,000 after buying an additional 487 shares during the period. 91.28% of the stock is currently owned by institutional investors.

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.