Ligand Pharmaceuticals (NASDAQ:LGND) Stock Price Expected to Rise, Oppenheimer Analyst Says

Key Points

• Oppenheimer raised its price target for Ligand Pharmaceuticals (NASDAQ:LGND) from $145 to $162, indicating a potential upside of 20.64% from its previous close.
• Despite Oppenheimer's positive outlook, Wall Street Zen recently downgraded Ligand Pharmaceuticals from a "hold" to a "sell" rating, reflecting a mixed sentiment among analysts with a consensus rating of "Moderate Buy."
• Insider trading activity showed that both the CFO and CEO purchased significant shares of the company, indicating confidence in Ligand Pharmaceuticals' future performance.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) had its price target boosted by research analysts at Oppenheimer from $145.00 to $162.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the biotechnology company's stock. Oppenheimer's target price indicates a potential upside of 22.06% from the company's current price.

Several other equities analysts also recently weighed in on LGND. Wall Street Zen downgraded shares of Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Monday, May 12th. Stifel Nicolaus began coverage on shares of Ligand Pharmaceuticals in a report on Thursday, April 10th. They set a "buy" rating and a $143.00 target price for the company. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Ligand Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $150.00.

Ligand Pharmaceuticals Trading Up 0.9%

Shares of LGND traded up $1.14 during trading hours on Wednesday, reaching $132.72. The company had a trading volume of 155,992 shares, compared to its average volume of 184,848. The firm has a 50 day simple moving average of $118.18 and a 200-day simple moving average of $112.78. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of -18.64 and a beta of 0.84. Ligand Pharmaceuticals has a 12-month low of $90.29 and a 12-month high of $143.13.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.10. The business had revenue of $45.33 million during the quarter, compared to the consensus estimate 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 quarter last year, the firm posted $3.84 EPS. Sell-side analysts forecast that Ligand Pharmaceuticals will post 1.73 earnings per share for the current year.

Insider Activity

In other Ligand Pharmaceuticals news, Director John W. Kozarich sold 934 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $125.00, for a total transaction of $116,750.00. Following the sale, the director directly owned 46,456 shares of the company's stock, valued at $5,807,000. This trade represents a 1.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Octavio Espinoza purchased 1,500 shares of the firm's stock in a transaction on Friday, May 9th. The shares were purchased at an average cost of $104.06 per share, for a total transaction of $156,090.00. Following the completion of the purchase, the chief financial officer directly owned 27,932 shares in the company, valued at $2,906,603.92. The trade was a 5.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 2,934 shares of company stock valued at $335,060 over the last quarter. 7.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Maseco LLP acquired a new stake in shares of Ligand Pharmaceuticals in the second quarter worth approximately $31,000. Opal Wealth Advisors LLC acquired a new stake in shares of Ligand Pharmaceuticals in the first quarter worth approximately $32,000. GF Fund Management CO. LTD. acquired a new stake in shares of Ligand Pharmaceuticals in the fourth quarter worth approximately $43,000. Redwood Park Advisors LLC acquired a new stake in shares of Ligand Pharmaceuticals in the fourth quarter worth approximately $48,000. Finally, Sterling Capital Management LLC boosted its position in shares of Ligand Pharmaceuticals by 825.4% in the fourth quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company's stock worth $59,000 after acquiring an additional 487 shares during the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

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.