Ligand Pharmaceuticals (NASDAQ:LGND) Reaches New 52-Week High on Analyst Upgrade

Key Points

• Ligand Pharmaceuticals reached a new 52-week high of $166.99 after Oppenheimer upgraded its price target from $167.00 to $190.00, maintaining an outperform rating.
• Multiple analysts have raised their price targets for Ligand, with HC Wainwright setting it at $206.00 and Royal Bank of Canada at $185.00, indicating strong confidence in the company's performance.
• Despite recent stock sales by insiders, institutional investors own 91.28% of Ligand Pharmaceuticals, reflecting significant confidence from major stakeholders.

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report)'s stock price reached a new 52-week high on Thursday after Oppenheimer raised their price target on the stock from $167.00 to $190.00. Oppenheimer currently has an outperform rating on the stock. Ligand Pharmaceuticals traded as high as $166.99 and last traded at $166.54, with a volume of 190954 shares trading hands. The stock had previously closed at $163.73.

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

Insider Activity at Ligand Pharmaceuticals

In related news, 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 completion of the transaction, the director owned 45,522 shares in the company, valued at approximately $7,386,399.72. This trade represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew Reardon sold 500 shares of the business'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 transaction, the insider owned 31,903 shares in the company, valued at $3,639,494.24. This trade represents a 1.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,868 shares of company stock worth $368,423 in the last three months. 7.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of hedge funds have recently made changes to their positions in LGND. Janus Henderson Group PLC grew its stake in shares of Ligand Pharmaceuticals by 0.6% during the fourth quarter. Janus Henderson Group PLC now owns 1,015,023 shares of the biotechnology company's stock worth $108,757,000 after acquiring an additional 5,929 shares during the last quarter. State Street Corp grew its stake in shares of Ligand Pharmaceuticals by 3.1% during the second quarter. State Street Corp now owns 749,754 shares of the biotechnology company's stock worth $85,232,000 after acquiring an additional 22,629 shares during the last quarter. Congress Asset Management Co. raised its position in Ligand Pharmaceuticals by 0.8% during the 2nd quarter. Congress Asset Management Co. now owns 647,941 shares of the biotechnology company's stock worth $73,658,000 after buying an additional 5,229 shares during the last quarter. Chicago Capital LLC raised its position in Ligand Pharmaceuticals by 3.1% during the 2nd quarter. Chicago Capital LLC now owns 571,825 shares of the biotechnology company's stock worth $65,005,000 after buying an additional 17,308 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Ligand Pharmaceuticals by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 488,778 shares of the biotechnology company's stock valued at $55,571,000 after buying an additional 24,326 shares during the period. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Trading Up 0.7%

The firm has a market cap of $3.29 billion, a price-to-earnings ratio of -42.03 and a beta of 0.96. The company has a fifty day moving average price of $140.87 and a 200-day moving average price of $119.51.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biotechnology company reported $1.60 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.06. The business 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 revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the company earned $1.40 EPS. Ligand Pharmaceuticals has set its FY 2025 guidance at 6.700-7.000 EPS. As a group, research analysts forecast that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current fiscal year.

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.