Ligand Pharmaceuticals (NASDAQ:LGND) Trading 5% Higher - Should You Buy?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report) was up 5% during mid-day trading on Wednesday . The stock traded as high as $120.70 and last traded at $120.90. Approximately 36,255 shares changed hands during trading, a decline of 69% from the average daily volume of 117,432 shares. The stock had previously closed at $115.12.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Oppenheimer increased their price target 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 assumed coverage on shares of Ligand Pharmaceuticals in a research report on Thursday, April 10th. They issued a "buy" rating and a $143.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Ligand Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $147.17.

Ligand Pharmaceuticals Stock Performance

The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -17.02 and a beta of 0.84. The firm's fifty day simple moving average is $109.15 and its 200 day simple moving average is $110.20.

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

Insider Transactions at Ligand Pharmaceuticals

In other news, CEO Todd C. Davis bought 9,510 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The stock was acquired at an average cost of $105.20 per share, with a total value of $1,000,452.00. Following the completion of the purchase, the chief executive officer owned 161,234 shares of the company's stock, valued at $16,961,816.80. This represents a 6.27% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Andrew Reardon sold 1,000 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $104.00, for a total transaction of $104,000.00. Following the completion of the transaction, the insider directly owned 32,903 shares of the company's stock, valued at $3,421,912. This represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,000 shares of company stock valued at $218,310 in the last ninety days. 7.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC bought a new position in Ligand Pharmaceuticals during the first quarter worth $32,000. GF Fund Management CO. LTD. bought a new position in Ligand Pharmaceuticals during the fourth quarter worth $43,000. Redwood Park Advisors LLC bought a new position in Ligand Pharmaceuticals during the fourth quarter worth $48,000. Sterling Capital Management LLC boosted its position in Ligand Pharmaceuticals by 825.4% during the fourth quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company's stock worth $59,000 after purchasing an additional 487 shares during the period. Finally, GAMMA Investing LLC boosted its position in Ligand Pharmaceuticals by 68.5% during the first quarter. GAMMA Investing LLC now owns 593 shares of the biotechnology company's stock worth $62,000 after purchasing an additional 241 shares during the period. 91.28% of the stock is 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.