Ligand Pharmaceuticals (NASDAQ:LGND) Given New $357.00 Price Target at Royal Bank Of Canada

Ligand Pharmaceuticals (NASDAQ:LGND) had its price objective boosted by equities research analysts at Royal Bank Of Canada from $345.00 to $357.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the biotechnology company’s stock. Royal Bank Of Canada‘s target price would indicate a potential upside of 11.58% from the company’s current price.

A number of other brokerages have also commented on LGND. Citigroup upped their price objective on shares of Ligand Pharmaceuticals from $390.00 to $397.00 and gave the company a “buy” rating in a research report on Wednesday, September 23rd. Bank of America lifted their price objective on shares of Ligand Pharmaceuticals from $266.00 to $388.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. HC Wainwright reiterated a “buy” rating and issued a $358.00 price objective on shares of Ligand Pharmaceuticals in a report on Thursday, September 24th. Weiss Ratings raised shares of Ligand Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, September 21st. Finally, Oppenheimer reiterated an “outperform” rating and issued a $326.00 price target (up from $285.00) on shares of Ligand Pharmaceuticals in a research report on Monday, August 3rd. Ten research analysts have rated the stock with a Buy rating. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $339.22.

Ligand Pharmaceuticals Stock Up 0.8%

Shares of LGND traded up $2.61 during midday trading on Friday, reaching $319.94. 129,511 shares of the company were exchanged, compared to its average volume of 266,901. Ligand Pharmaceuticals has a 1-year low of $175.89 and a 1-year high of $326.63. The company has a current ratio of 31.18, a quick ratio of 30.96 and a debt-to-equity ratio of 1.16. The company has a market cap of $6.38 billion, a price-to-earnings ratio of 34.26, a P/E/G ratio of 2.55 and a beta of 1.14. The stock has a 50-day moving average price of $295.68 and a 200-day moving average price of $251.72.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings data on Thursday, October 29th. The biotechnology company reported $2.67 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.34. The business had revenue of $78.75 million for the quarter, compared to analysts’ expectations of $77.00 million. Ligand Pharmaceuticals had a net margin of 67.88% and a return on equity of 20.06%. The company’s revenue was down 31.8% on a year-over-year basis. During the same period in the previous year, the business earned $3.09 earnings per share. Research analysts expect that Ligand Pharmaceuticals will post 5.25 earnings per share for the current year.

Insider Activity at Ligand Pharmaceuticals

In related news, Director Martine Zimmermann sold 1,200 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $285.00, for a total value of $342,000.00. Following the sale, the director owned 3,897 shares of the company’s stock, valued at approximately $1,110,645. The trade was a 23.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Andrew Reardon sold 5,000 shares of Ligand Pharmaceuticals stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $286.09, for a total value of $1,430,450.00. Following the completion of the transaction, the insider owned 36,514 shares of the company’s stock, valued at approximately $10,446,290.26. This trade represents a 12.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 54,979 shares of company stock valued at $16,068,898 over the last quarter. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. XML Financial LLC bought a new stake in Ligand Pharmaceuticals during the 3rd quarter valued at about $225,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Ligand Pharmaceuticals during the third quarter valued at approximately $318,000. Profund Advisors LLC grew its stake in shares of Ligand Pharmaceuticals by 191.0% during the 3rd quarter. Profund Advisors LLC now owns 6,253 shares of the biotechnology company’s stock valued at $1,953,000 after acquiring an additional 4,104 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al boosted its stake in shares of Ligand Pharmaceuticals by 65.1% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 7,100 shares of the biotechnology company’s stock worth $2,218,000 after acquiring an additional 2,800 shares during the period. Finally, Choreo LLC boosted its position in shares of Ligand Pharmaceuticals by 3.0% during the third quarter. Choreo LLC now owns 1,634 shares of the biotechnology company’s stock worth $510,000 after acquiring an additional 47 shares during the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) is a biopharmaceutical company that develops, acquires and licenses technologies intended to improve the development and commercialization of medicines. Rather than operating primarily as a traditional drug manufacturer, Ligand generally works with pharmaceutical and biotechnology partners, receiving licensing payments, royalties and other consideration tied to partnered products.

The company’s principal technology is Captisol, a modified cyclodextrin designed to improve the solubility, stability and delivery of certain active pharmaceutical ingredients.