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 target price increased by stock analysts at Oppenheimer from $145.00 to $162.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the biotechnology company's stock. Oppenheimer's price objective would suggest a potential upside of 22.06% from the stock's previous close.

Several other research firms have also recently issued reports on LGND. Wall Street Zen cut shares of Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Monday, May 12th. Stifel Nicolaus assumed coverage on Ligand Pharmaceuticals in a report on Thursday, April 10th. They issued a "buy" rating and a $143.00 price target for the company. One 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, Ligand Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $150.00.

Ligand Pharmaceuticals Stock Performance

Ligand Pharmaceuticals stock traded up $1.14 during mid-day trading on Wednesday, reaching $132.72. 155,992 shares of the company were exchanged, compared to its average volume of 192,647. The firm's 50-day simple moving average is $118.18 and its two-hundred day simple moving average is $112.81. Ligand Pharmaceuticals has a twelve month low of $90.29 and a twelve month high of $143.13. The firm has a market cap of $2.56 billion, a PE ratio of -18.64 and a beta of 0.85.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.10. The firm had revenue of $45.33 million for the quarter, compared to analyst estimates 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 firm posted $3.84 EPS. As a group, equities research analysts anticipate that Ligand Pharmaceuticals will post 1.73 EPS for the current year.

Insider Activity at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza acquired 1,500 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Friday, May 9th. The stock was purchased at an average cost of $104.06 per share, with a total value of $156,090.00. Following the completion of the acquisition, the chief financial officer owned 27,932 shares in the company, valued at $2,906,603.92. This trade represents a 5.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John W. Kozarich sold 934 shares of the business's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $125.00, for a total value of $116,750.00. Following the sale, the director owned 46,456 shares in the company, valued at approximately $5,807,000. The trade was a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,934 shares of company stock valued at $335,060. 7.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. increased its holdings in Ligand Pharmaceuticals by 3.3% during the 1st quarter. Principal Financial Group Inc. now owns 102,874 shares of the biotechnology company's stock valued at $10,816,000 after acquiring an additional 3,284 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Ligand Pharmaceuticals by 68.5% during the 1st 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 last quarter. Handelsbanken Fonder AB lifted its stake in Ligand Pharmaceuticals by 13.7% in the 1st quarter. Handelsbanken Fonder AB now owns 6,658 shares of the biotechnology company's stock valued at $700,000 after buying an additional 800 shares in the last quarter. SG Americas Securities LLC grew its holdings in Ligand Pharmaceuticals by 323.6% during the 1st quarter. SG Americas Securities LLC now owns 6,808 shares of the biotechnology company's stock valued at $716,000 after buying an additional 5,201 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in Ligand Pharmaceuticals during the fourth quarter worth $1,800,000. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

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.