Ligand Pharmaceuticals (NASDAQ:LGND) Sets New 52-Week High – Still a Buy?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $321.89 and last traded at $316.6020, with a volume of 37121 shares changing hands. The stock had previously closed at $319.55.

Wall Street Analyst Weigh In

A number of analysts have commented on LGND shares. HC Wainwright boosted their price target on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Citigroup raised their price objective on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. Bank of America began coverage on Ligand Pharmaceuticals in a report on Wednesday, March 11th. They set a “buy” rating and a $244.00 target price on the stock. Weiss Ratings downgraded Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Finally, Royal Bank Of Canada increased their price target on Ligand Pharmaceuticals from $252.00 to $262.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Ligand Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $257.71.

Ligand Pharmaceuticals Stock Down 0.2%

The company has a debt-to-equity ratio of 0.45, a quick ratio of 20.95 and a current ratio of 21.28. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of 43.11, a P/E/G ratio of 3.57 and a beta of 1.10. The stock’s fifty day simple moving average is $247.41 and its two-hundred day simple moving average is $216.82.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.21). Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.The business had revenue of $51.72 million during the quarter, compared to analyst estimates of $59.10 million. During the same period in the prior year, the firm earned $1.33 EPS. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. On average, sell-side analysts anticipate that Ligand Pharmaceuticals Incorporated will post 4.25 EPS for the current year.

Insider Transactions at Ligand Pharmaceuticals

In other news, insider Andrew Reardon sold 5,000 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $227.06, for a total transaction of $1,135,300.00. Following the completion of the sale, the insider directly owned 41,382 shares of the company’s stock, valued at $9,396,196.92. This trade represents a 10.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen L. Sabba sold 2,145 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $254.00, for a total value of $544,830.00. Following the sale, the director directly owned 33,629 shares of the company’s stock, valued at approximately $8,541,766. This represents a 6.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,698 shares of company stock valued at $7,452,852 in the last 90 days. 7.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. CIBC Private Wealth Group LLC increased its stake in Ligand Pharmaceuticals by 86.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 69 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Ligand Pharmaceuticals in the fourth quarter worth about $31,000. USA Financial Formulas acquired a new position in shares of Ligand Pharmaceuticals in the fourth quarter worth about $43,000. JPL Wealth Management LLC purchased a new position in shares of Ligand Pharmaceuticals in the third quarter worth approximately $52,000. Finally, IFP Advisors Inc increased its position in shares of Ligand Pharmaceuticals by 1,040.0% in the fourth quarter. IFP Advisors Inc now owns 342 shares of the biotechnology company’s stock worth $65,000 after acquiring an additional 312 shares in the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Company Profile

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.