Ligand Pharmaceuticals (NASDAQ:LGND) Stock Price Down 5.2%

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s share price was down 5.2% on Thursday . The stock traded as low as $74.50 and last traded at $74.76. Approximately 37,892 shares changed hands during trading, a decline of 76% from the average daily volume of 157,770 shares. The stock had previously closed at $78.87.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on LGND. HC Wainwright reissued a “buy” rating and issued a $144.00 price objective on shares of Ligand Pharmaceuticals in a report on Thursday, February 29th. Benchmark reiterated a “buy” rating and issued a $95.00 price target on shares of Ligand Pharmaceuticals in a report on Friday, April 12th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.33.

Ligand Pharmaceuticals Price Performance

The company has a market capitalization of $1.28 billion, a PE ratio of 26.35 and a beta of 1.01. The firm’s fifty day simple moving average is $75.10 and its 200 day simple moving average is $67.66.

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

Insider Transactions at Ligand Pharmaceuticals

In related news, Director Stephen L. Sabba sold 1,893 shares of the company’s stock in a transaction dated 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 $2,149,201.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. raised its position in Ligand Pharmaceuticals by 59.1% in the fourth quarter. Pacer Advisors Inc. now owns 325,727 shares of the biotechnology company’s stock valued at $23,263,000 after purchasing an additional 121,049 shares during the period. Impax Asset Management Group plc increased its position in shares of Ligand Pharmaceuticals by 11.3% during the 4th quarter. Impax Asset Management Group plc now owns 205,208 shares of the biotechnology company’s stock worth $14,656,000 after purchasing an additional 20,888 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Ligand Pharmaceuticals by 356.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 2,012 shares of the biotechnology company’s stock valued at $144,000 after buying an additional 1,571 shares during the period. Deutsche Bank AG lifted its position in Ligand Pharmaceuticals by 43.0% in the third quarter. Deutsche Bank AG now owns 136,229 shares of the biotechnology company’s stock valued at $8,163,000 after buying an additional 40,958 shares during the last quarter. Finally, Legato Capital Management LLC purchased a new position in Ligand Pharmaceuticals during the fourth quarter worth about $212,000. 91.28% of the stock is currently owned by institutional investors and hedge funds.

About Ligand Pharmaceuticals

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.