Benchmark Issues Positive Forecast for Ligand Pharmaceuticals (NASDAQ:LGND) Stock Price

Ligand Pharmaceuticals (NASDAQ:LGND) had its price objective boosted by Benchmark from $175.00 to $220.00 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other analysts have also recently commented on LGND. Wall Street Zen raised shares of Ligand Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Royal Bank Of Canada upped their price objective on Ligand Pharmaceuticals from $155.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, October 8th. HC Wainwright boosted their target price on Ligand Pharmaceuticals from $206.00 to $231.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Oppenheimer upped their price target on Ligand Pharmaceuticals from $190.00 to $250.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Ligand Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.17.

Ligand Pharmaceuticals Stock Performance

Ligand Pharmaceuticals stock traded down $5.74 on Friday, reaching $202.48. The company’s stock had a trading volume of 209,219 shares, compared to its average volume of 158,662. Ligand Pharmaceuticals has a twelve month low of $93.58 and a twelve month high of $211.91. The company has a market cap of $3.97 billion, a price-to-earnings ratio of -50.62 and a beta of 0.91. The business’s fifty day moving average price is $177.98 and its 200 day moving average price is $141.64.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings results on Thursday, November 6th. The biotechnology company reported $3.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $1.13. Ligand Pharmaceuticals had a negative return on equity of 9.21% and a negative net margin of 40.44%.The business had revenue of $86.89 million during the quarter, compared to analysts’ expectations of $58.71 million. During the same period in the previous year, the business posted $1.84 earnings per share. The firm’s revenue for the quarter was up 123.0% compared to the same quarter last year. Ligand Pharmaceuticals has set its FY 2025 guidance at 7.400-7.650 EPS. As a group, equities analysts forecast that Ligand Pharmaceuticals will post 1.73 earnings per share for the current year.

Insider Activity

In related news, Director Jason Aryeh sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $170.81, for a total transaction of $1,708,100.00. Following the completion of the sale, the director directly owned 69,289 shares of the company’s stock, valued at approximately $11,835,254.09. This represents a 12.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Kozarich sold 467 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $191.05, for a total transaction of $89,220.35. Following the sale, the director owned 44,588 shares in the company, valued at $8,518,537.40. This trade represents a 1.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 11,401 shares of company stock worth $1,956,894. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its holdings in Ligand Pharmaceuticals by 4.5% during the third quarter. JPMorgan Chase & Co. now owns 39,718 shares of the biotechnology company’s stock worth $7,036,000 after purchasing an additional 1,703 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at about $2,395,000. PNC Financial Services Group Inc. raised its holdings in Ligand Pharmaceuticals by 10.5% during the third quarter. PNC Financial Services Group Inc. now owns 1,830 shares of the biotechnology company’s stock worth $324,000 after acquiring an additional 174 shares in the last quarter. Cookson Peirce & Co. Inc. boosted its position in Ligand Pharmaceuticals by 1.9% during the third quarter. Cookson Peirce & Co. Inc. now owns 9,763 shares of the biotechnology company’s stock valued at $1,729,000 after purchasing an additional 181 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its stake in Ligand Pharmaceuticals by 16.2% in the third quarter. Public Sector Pension Investment Board now owns 76,444 shares of the biotechnology company’s stock valued at $13,541,000 after purchasing an additional 10,644 shares in the last quarter. 91.28% of the stock is owned by institutional investors.

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.