Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Receives $239.33 Consensus Target Price from Brokerages

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) has received a consensus rating of “Moderate Buy” from the seven brokerages that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $239.3333.

LGND has been the topic of several research reports. HC Wainwright increased their target price on Ligand Pharmaceuticals from $206.00 to $231.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Oppenheimer raised their price objective on Ligand Pharmaceuticals from $190.00 to $250.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. Royal Bank Of Canada lifted their price objective on Ligand Pharmaceuticals from $234.00 to $235.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Citigroup began coverage on shares of Ligand Pharmaceuticals in a research report on Tuesday, December 9th. They set a “buy” rating and a $270.00 target price for the company. Finally, Benchmark raised their price target on shares of Ligand Pharmaceuticals from $175.00 to $220.00 and gave the company a “buy” rating in a report on Friday, November 7th.

Insiders Place Their Bets

In related news, CFO Octavio Espinoza sold 1,804 shares of Ligand Pharmaceuticals stock in a transaction on Friday, December 12th. The shares were sold at an average price of $188.31, for a total transaction of $339,711.24. Following the transaction, the chief financial officer owned 26,186 shares in the company, valued at approximately $4,931,085.66. The trade was a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John W. Kozarich sold 467 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $195.91, for a total value of $91,489.97. Following the completion of the sale, the director owned 43,187 shares of the company’s stock, valued at approximately $8,460,765.17. This represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 3,205 shares of company stock worth $611,192. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of large investors have recently modified their holdings of the stock. Salomon & Ludwin LLC acquired a new position in Ligand Pharmaceuticals during the 3rd quarter worth approximately $26,000. CIBC Private Wealth Group LLC grew its position in Ligand Pharmaceuticals by 86.3% in the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 69 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Ligand Pharmaceuticals during the fourth quarter valued at approximately $31,000. Richardson Financial Services Inc. lifted its position in shares of Ligand Pharmaceuticals by 85.8% during the third quarter. Richardson Financial Services Inc. now owns 210 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 97 shares in the last quarter. Finally, USA Financial Formulas purchased a new position in shares of Ligand Pharmaceuticals in the fourth quarter valued at $43,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

Ligand Pharmaceuticals Stock Performance

NASDAQ:LGND opened at $183.98 on Friday. The company has a market cap of $3.62 billion, a P/E ratio of 88.88 and a beta of 1.14. The firm’s 50 day moving average is $193.87 and its two-hundred day moving average is $184.05. Ligand Pharmaceuticals has a fifty-two week low of $93.58 and a fifty-two week high of $212.49. The company has a quick ratio of 24.30, a current ratio of 24.69 and a debt-to-equity ratio of 0.47.

About Ligand Pharmaceuticals

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.