Ligand Pharmaceuticals (NASDAQ:LGND) Price Target Raised to $140.00

Ligand Pharmaceuticals (NASDAQ:LGND) had its price target increased by Royal Bank of Canada from $130.00 to $140.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the biotechnology company’s stock.

Other analysts have also recently issued reports about the company. Oppenheimer upped their price target on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Benchmark increased their target price on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Barclays increased their target price on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $157.00 price target on shares of Ligand Pharmaceuticals in a research note on Friday, November 8th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $144.83.

Ligand Pharmaceuticals Trading Down 2.2 %

Shares of LGND stock traded down $2.59 on Tuesday, reaching $112.86. The company had a trading volume of 25,024 shares, compared to its average volume of 136,595. The stock has a market cap of $2.13 billion, a PE ratio of 46.00 and a beta of 0.99. The company has a 50-day moving average of $106.96 and a 200-day moving average of $96.61. Ligand Pharmaceuticals has a 12 month low of $55.30 and a 12 month high of $129.90.

Insider Transactions at Ligand Pharmaceuticals

In other news, COO Matthew E. Korenberg sold 1,157 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total value of $122,109.78. Following the completion of the sale, the chief operating officer now owns 67,211 shares of the company’s stock, valued at approximately $7,093,448.94. This represents a 1.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Octavio Espinoza sold 1,275 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $103.94, for a total value of $132,523.50. Following the completion of the sale, the chief financial officer now directly owns 24,610 shares of the company’s stock, valued at approximately $2,557,963.40. The trade was a 4.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,368 shares of company stock valued at $3,458,560 in the last ninety days. 5.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Chicago Capital LLC lifted its holdings in shares of Ligand Pharmaceuticals by 124.3% during the second quarter. Chicago Capital LLC now owns 514,946 shares of the biotechnology company’s stock worth $43,389,000 after buying an additional 285,350 shares in the last quarter. Ashford Capital Management Inc. acquired a new stake in shares of Ligand Pharmaceuticals during the first quarter worth $14,367,000. F M Investments LLC acquired a new stake in shares of Ligand Pharmaceuticals during the second quarter worth $11,350,000. Loomis Sayles & Co. L P lifted its holdings in shares of Ligand Pharmaceuticals by 44.3% during the third quarter. Loomis Sayles & Co. L P now owns 372,779 shares of the biotechnology company’s stock worth $37,312,000 after buying an additional 114,436 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Ligand Pharmaceuticals by 6.7% during the second quarter. Dimensional Fund Advisors LP now owns 708,624 shares of the biotechnology company’s stock worth $59,707,000 after buying an additional 44,543 shares in the last quarter. Institutional investors and hedge funds 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.