Ligand Pharmaceuticals (NASDAQ:LGND) Reaches New 12-Month High - Here's Why

Key Points

• Ligand Pharmaceuticals reached a new 52-week high of $170.45, showcasing significant market interest with 128,020 shares traded.
• Several analysts have upgraded the stock, raising price targets significantly, with Royal Bank of Canada now at $185.00 and Oppenheimer at $190.00, indicating a strong buy consensus.
• The company reported a 14.7% year-over-year revenue increase, with $47.63 million during the last quarter, exceeding estimates and boosting investor confidence.

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $169.96 and last traded at $170.45, with a volume of 128020 shares trading hands. The stock had previously closed at $165.41.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on LGND shares. Wall Street Zen upgraded Ligand Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Oppenheimer raised their price target on Ligand Pharmaceuticals from $167.00 to $190.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. HC Wainwright lifted their target price on Ligand Pharmaceuticals from $157.00 to $206.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Benchmark lifted their target price on Ligand Pharmaceuticals from $160.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. Finally, Royal Bank Of Canada lifted their target price on Ligand Pharmaceuticals from $155.00 to $185.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Ligand Pharmaceuticals currently has a consensus rating of "Buy" and an average price target of $176.50.

Ligand Pharmaceuticals Stock Down 2.0%

The firm has a 50-day moving average price of $150.80 and a 200 day moving average price of $122.88. The firm has a market capitalization of $3.26 billion, a PE ratio of -41.63 and a beta of 0.96.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last released its earnings results on Thursday, August 7th. The biotechnology company reported $1.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.06. The firm had revenue of $47.63 million during the quarter, compared to analyst estimates of $43.87 million. Ligand Pharmaceuticals had a negative return on equity of 9.21% and a negative net margin of 40.44%.Ligand Pharmaceuticals's revenue was up 14.7% compared to the same quarter last year. During the same period last year, the business posted $1.40 earnings per share. Ligand Pharmaceuticals has set its FY 2025 guidance at 6.700-7.000 EPS. Equities research analysts expect that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Andrew Reardon sold 500 shares of Ligand Pharmaceuticals stock in a transaction dated Monday, June 23rd. The stock was 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 in the company, valued at approximately $3,639,494.24. The trade was a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Kozarich sold 467 shares of Ligand Pharmaceuticals stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $162.26, for a total value of $75,775.42. Following the sale, the director owned 45,522 shares in the company, valued at $7,386,399.72. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,368 shares of company stock worth $311,153. 7.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in LGND. Maseco LLP acquired a new position in Ligand Pharmaceuticals in the 2nd quarter valued at about $31,000. Opal Wealth Advisors LLC acquired a new position in Ligand Pharmaceuticals in the 1st quarter valued at about $32,000. GF Fund Management CO. LTD. purchased a new stake in Ligand Pharmaceuticals in the 4th quarter valued at approximately $43,000. Simplex Trading LLC purchased a new stake in Ligand Pharmaceuticals in the 2nd quarter valued at approximately $61,000. Finally, GAMMA Investing LLC boosted its holdings in Ligand Pharmaceuticals by 68.5% in the 1st quarter. GAMMA Investing LLC now owns 593 shares of the biotechnology company's stock valued at $62,000 after purchasing an additional 241 shares in the last quarter. Institutional investors and hedge funds own 91.28% of the company's stock.

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.