Ligand Pharmaceuticals (NASDAQ:LGND) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Ligand Pharmaceuticals (NASDAQ:LGND) from a sell rating to a hold rating in a research report report published on Tuesday.

A number of other equities analysts have also weighed in on LGND. Royal Bank of Canada upped their price target on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Barclays upped their price target on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Benchmark reiterated a “buy” rating and issued a $135.00 price target on shares of Ligand Pharmaceuticals in a research report on Monday, December 23rd. Finally, HC Wainwright reiterated a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $147.00.

Ligand Pharmaceuticals Trading Down 3.4 %

Shares of LGND stock opened at $106.22 on Tuesday. Ligand Pharmaceuticals has a 12 month low of $67.72 and a 12 month high of $129.90. The stock has a market cap of $2.05 billion, a P/E ratio of 42.32 and a beta of 1.12. The company has a 50 day simple moving average of $114.25 and a two-hundred day simple moving average of $111.77.

Insider Buying and Selling

In related news, CFO Octavio Espinoza sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total transaction of $575,150.00. Following the completion of the transaction, the chief financial officer now owns 18,879 shares in the company, valued at approximately $2,171,651.37. This represents a 20.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new position in shares of Ligand Pharmaceuticals in the 4th quarter worth $43,000. Smartleaf Asset Management LLC grew its stake in shares of Ligand Pharmaceuticals by 119.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company’s stock worth $43,000 after buying an additional 221 shares in the last quarter. Redwood Park Advisors LLC purchased a new position in shares of Ligand Pharmaceuticals in the 4th quarter worth $48,000. Sterling Capital Management LLC grew its stake in shares of Ligand Pharmaceuticals by 825.4% in the 4th quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company’s stock worth $59,000 after buying an additional 487 shares in the last quarter. Finally, US Bancorp DE grew its stake in shares of Ligand Pharmaceuticals by 14.8% in the 4th quarter. US Bancorp DE now owns 758 shares of the biotechnology company’s stock worth $81,000 after buying an additional 98 shares in the last quarter. Institutional investors own 91.28% of the company’s stock.

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.