Ligand Pharmaceuticals (NASDAQ:LGND) Shares Gap Up to $74.73

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $74.73, but opened at $78.01. Ligand Pharmaceuticals shares last traded at $78.29, with a volume of 19,654 shares changing hands.

Wall Street Analysts Forecast Growth

LGND has been the topic of several analyst reports. Benchmark reiterated a "buy" rating and set a $95.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday, December 13th. HC Wainwright reiterated a "buy" rating and set a $144.00 target price on shares of Ligand Pharmaceuticals in a report on Thursday, February 29th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $116.33.

Ligand Pharmaceuticals Price Performance

The business has a 50-day simple moving average of $74.23 and a two-hundred day simple moving average of $66.27. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 28.36 and a beta of 1.01.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last posted its earnings results on Tuesday, February 27th. The biotechnology company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.24 by $0.55. The company had revenue of $28.10 million for the quarter, compared to the consensus estimate of $24.54 million. Ligand Pharmaceuticals had a return on equity of 11.98% and a net margin of 37.80%. As a group, equities analysts anticipate that Ligand Pharmaceuticals Incorporated will post 3.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Stephen L. Sabba sold 1,893 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $74.30, for a total transaction of $140,649.90. Following the completion of the sale, the director now directly owns 28,926 shares of the company's stock, valued at approximately $2,149,201.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 10.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. Cerity Partners LLC bought a new position in Ligand Pharmaceuticals during the 1st quarter worth $282,000. China Universal Asset Management Co. Ltd. increased its stake in Ligand Pharmaceuticals by 95.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 441 shares of the biotechnology company's stock worth $26,000 after acquiring an additional 215 shares during the period. Lazard Asset Management LLC bought a new position in Ligand Pharmaceuticals during the 2nd quarter worth $39,000. FMR LLC increased its stake in Ligand Pharmaceuticals by 38.0% during the 1st quarter. FMR LLC now owns 566 shares of the biotechnology company's stock worth $42,000 after acquiring an additional 156 shares during the period. Finally, US Bancorp DE increased its stake in Ligand Pharmaceuticals by 655.6% during the 4th quarter. US Bancorp DE now owns 612 shares of the biotechnology company's stock worth $44,000 after acquiring an additional 531 shares during the period. Institutional investors 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.