Ligand Pharmaceuticals (NASDAQ:LGND) Stock Passes Above 200-Day Moving Average – Here’s Why

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $105.98 and traded as high as $111.65. Ligand Pharmaceuticals shares last traded at $110.31, with a volume of 94,566 shares traded.

Analysts Set New Price Targets

LGND has been the subject of a number of recent research reports. Benchmark reiterated a “buy” rating and issued a $135.00 price objective on shares of Ligand Pharmaceuticals in a report on Monday, December 23rd. Royal Bank of Canada increased their price target on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Oppenheimer boosted their price objective on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Barclays raised their target price on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Finally, HC Wainwright reissued a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Ligand Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $147.00.

Ligand Pharmaceuticals Stock Performance

The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 44.06 and a beta of 1.05. The company has a 50 day moving average price of $116.03 and a 200 day moving average price of $106.05.

Insider Buying and Selling at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza sold 2,104 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 20,647 shares of the company’s stock, valued at approximately $2,402,691.39. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John L. Lamattina sold 2,406 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $123.65, for a total transaction of $297,501.90. Following the sale, the director now directly owns 29,515 shares in the company, valued at approximately $3,649,529.75. The trade was a 7.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC boosted its holdings in Ligand Pharmaceuticals by 21.7% in the second quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock valued at $64,000 after purchasing an additional 135 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Ligand Pharmaceuticals by 23.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock valued at $64,000 after buying an additional 125 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Ligand Pharmaceuticals during the second quarter worth about $67,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Ligand Pharmaceuticals during the second quarter worth approximately $159,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Ligand Pharmaceuticals during the third quarter worth approximately $180,000. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Company Profile

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.