Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Given Average Rating of “Buy” by Brokerages

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) have earned a consensus rating of “Buy” from the six ratings firms that are covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have covered the stock in the last year is $147.00.

A number of brokerages recently weighed in on LGND. Royal Bank of Canada upped their price objective on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Benchmark reiterated a “buy” rating and issued a $135.00 price target on shares of Ligand Pharmaceuticals in a report on Monday, December 23rd. Barclays increased their price target on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, December 16th. HC Wainwright reiterated a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Finally, Oppenheimer lifted their price target on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research report on Friday, November 8th.

Insider Transactions at Ligand Pharmaceuticals

In related news, Director John L. Lamattina sold 2,406 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $123.65, for a total transaction of $297,501.90. Following the sale, the director now owns 29,515 shares in the company, valued at approximately $3,649,529.75. This trade represents a 7.54 % 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. Also, CFO Octavio Espinoza sold 2,104 shares of Ligand Pharmaceuticals stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $116.37, for a total value of $244,842.48. Following the completion of the sale, the chief financial officer now directly owns 20,647 shares of the company’s stock, valued at approximately $2,402,691.39. This represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in LGND. Prudential Financial Inc. increased its stake in shares of Ligand Pharmaceuticals by 1.3% during the 4th quarter. Prudential Financial Inc. now owns 102,995 shares of the biotechnology company’s stock valued at $11,036,000 after acquiring an additional 1,360 shares during the last quarter. Congress Wealth Management LLC DE boosted its holdings in shares of Ligand Pharmaceuticals by 4.4% in the 4th quarter. Congress Wealth Management LLC DE now owns 94,335 shares of the biotechnology company’s stock valued at $10,108,000 after purchasing an additional 4,014 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Ligand Pharmaceuticals by 5.8% during the 4th quarter. Vanguard Group Inc. now owns 2,085,627 shares of the biotechnology company’s stock valued at $223,475,000 after buying an additional 115,005 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Ligand Pharmaceuticals during the 4th quarter worth $418,000. Finally, Sei Investments Co. raised its position in shares of Ligand Pharmaceuticals by 2.5% in the 4th quarter. Sei Investments Co. now owns 27,482 shares of the biotechnology company’s stock worth $2,945,000 after buying an additional 677 shares during the period. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Trading Down 1.2 %

Shares of LGND opened at $112.77 on Wednesday. Ligand Pharmaceuticals has a twelve month low of $67.72 and a twelve month high of $129.90. The stock’s 50 day moving average is $114.23 and its two-hundred day moving average is $109.78. The firm has a market capitalization of $2.13 billion, a PE ratio of 44.93 and a beta of 1.04.

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.