Ligand Pharmaceuticals (NASDAQ:LGND) Earns "Buy" Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Ligand Pharmaceuticals (NASDAQ:LGND - Free Report) in a research report report published on Wednesday, Benzinga reports. HC Wainwright currently has a $144.00 price target on the biotechnology company's stock.

Separately, Benchmark reissued a buy rating and issued a $95.00 price target on shares of Ligand Pharmaceuticals in a report on Friday, April 12th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $116.33.

Ligand Pharmaceuticals Trading Up 9.8 %

Shares of LGND stock traded up $7.14 during mid-day trading on Wednesday, reaching $80.36. The stock had a trading volume of 286,949 shares, compared to its average volume of 158,328. Ligand Pharmaceuticals has a 1-year low of $49.24 and a 1-year high of $94.57. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 28.97 and a beta of 1.01. The business's fifty day moving average is $74.18 and its 200-day moving average is $69.05.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported $3.84 EPS for the quarter, beating the consensus estimate of $0.83 by $3.01. Ligand Pharmaceuticals had a net margin of 37.80% and a return on equity of 11.98%. The business had revenue of $30.90 million during the quarter, compared to analysts' expectations of $27.92 million. During the same period in the previous year, the business posted $1.96 EPS. The business's quarterly revenue was down 29.8% compared to the same quarter last year. On average, analysts forecast that Ligand Pharmaceuticals will post 3.41 earnings per share for the current year.

Insider Activity

In related news, Director Stephen L. Sabba sold 1,893 shares of the business's stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $74.30, for a total value of $140,649.90. Following the completion of the sale, the director now owns 28,926 shares of the company's stock, valued at approximately $2,149,201.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. raised its stake in Ligand Pharmaceuticals by 95.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 441 shares of the biotechnology company's stock valued at $26,000 after purchasing an additional 215 shares during the last quarter. Principal Securities Inc. purchased a new position in Ligand Pharmaceuticals in the 4th quarter worth approximately $53,000. Scarborough Advisors LLC acquired a new position in shares of Ligand Pharmaceuticals during the 4th quarter worth approximately $107,000. PNC Financial Services Group Inc. boosted its holdings in shares of Ligand Pharmaceuticals by 32.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,840 shares of the biotechnology company's stock worth $131,000 after purchasing an additional 450 shares during the last quarter. Finally, M&R Capital Management Inc. purchased a new stake in shares of Ligand Pharmaceuticals in the first quarter valued at approximately $146,000. Hedge funds and other 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.