Ligand Pharmaceuticals Inc. (NASDAQ:LGND)’s stock price was up 5.5% on Thursday . The stock traded as high as $106.30 and last traded at $104.69, approximately 849,001 shares traded hands during mid-day trading. An increase of 67% from the average daily volume of 507,126 shares. The stock had previously closed at $99.27.
Several analysts recently weighed in on LGND shares. Zacks Investment Research downgraded shares of Ligand Pharmaceuticals from a “hold” rating to a “strong sell” rating and set a $95.00 price objective on the stock. in a research report on Thursday, August 8th. ValuEngine downgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Barclays upgraded shares of Ligand Pharmaceuticals from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $110.00 to $132.00 in a research report on Thursday. Argus set a $140.00 price objective on shares of Ligand Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, June 10th. Finally, BidaskClub upgraded shares of Ligand Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $152.20.
The company has a market capitalization of $1.99 billion, a P/E ratio of 16.67, a P/E/G ratio of 2.23 and a beta of 1.30. The business’s 50-day simple moving average is $93.29 and its 200 day simple moving average is $111.35. The company has a current ratio of 13.23, a quick ratio of 13.15 and a debt-to-equity ratio of 0.61.
Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings results on Tuesday, July 30th. The biotechnology company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.30. Ligand Pharmaceuticals had a net margin of 389.58% and a return on equity of 11.24%. The company had revenue of $24.99 million for the quarter, compared to the consensus estimate of $21.01 million. During the same period in the previous year, the firm earned $2.59 EPS. Ligand Pharmaceuticals’s revenue was down 72.2% on a year-over-year basis. As a group, sell-side analysts predict that Ligand Pharmaceuticals Inc. will post 2.28 EPS for the current fiscal year.
In other Ligand Pharmaceuticals news, Director Sunil Patel acquired 1,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were bought at an average price of $95.98 per share, with a total value of $95,980.00. Following the purchase, the director now directly owns 26,359 shares of the company’s stock, valued at approximately $2,529,936.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jason Aryeh acquired 750 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $87.01 per share, for a total transaction of $65,257.50. Following the purchase, the director now directly owns 67,203 shares in the company, valued at $5,847,333.03. The disclosure for this purchase can be found here. Insiders have acquired a total of 8,600 shares of company stock worth $828,747 over the last 90 days. 8.40% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in LGND. Janus Henderson Group PLC grew its stake in shares of Ligand Pharmaceuticals by 11.4% in the 2nd quarter. Janus Henderson Group PLC now owns 1,542,670 shares of the biotechnology company’s stock worth $176,096,000 after purchasing an additional 157,604 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Ligand Pharmaceuticals by 37.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 557,512 shares of the biotechnology company’s stock worth $70,085,000 after purchasing an additional 152,649 shares during the last quarter. Telemark Asset Management LLC acquired a new position in shares of Ligand Pharmaceuticals in the 2nd quarter worth approximately $17,123,000. Elk Creek Partners LLC grew its stake in shares of Ligand Pharmaceuticals by 128.1% in the 1st quarter. Elk Creek Partners LLC now owns 209,823 shares of the biotechnology company’s stock worth $26,377,000 after purchasing an additional 117,839 shares during the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in shares of Ligand Pharmaceuticals in the 2nd quarter worth approximately $13,081,000.
About Ligand Pharmaceuticals (NASDAQ:LGND)
Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing and acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Promacta, an oral medicine that increases the number of platelets in the blood; Kyprolis and Evomela, which are used to treat multiple myeloma; Baxdela, a captisol-enabled delafloxacin-IV for the treatment of acute bacterial skin and skin structure infections; Nexterone, a captisol-enabled formulation of amiodarone; Noxafil-IV, a captisol-enabled formulation of posaconazole for IV use; Carnexiv, which is indicated as replacement therapy for oral carbamazepine formulations; bazedoxifene for the treatment of postmenopausal osteoporosis; Aziyo portfolio of commercial pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune diseases; Vivitra for breast cancer; and Bryxta for non-small cell lung cancer.
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