Ligand Pharmaceuticals (LGND) Downgraded to “Hold” at BidaskClub

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BidaskClub downgraded shares of Ligand Pharmaceuticals (NASDAQ:LGND) from a buy rating to a hold rating in a report published on Friday morning.

A number of other brokerages have also issued reports on LGND. Argus initiated coverage on Ligand Pharmaceuticals in a research note on Thursday, June 21st. They issued a buy rating on the stock. HC Wainwright set a $270.00 price objective on Ligand Pharmaceuticals and gave the stock a buy rating in a research note on Wednesday, September 19th. Goldman Sachs Group began coverage on Ligand Pharmaceuticals in a research note on Friday, August 17th. They set a neutral rating and a $256.00 price objective on the stock. Roth Capital reissued a neutral rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 8th. They noted that the move was a valuation call. Finally, Stephens reissued a buy rating and set a $248.00 price objective on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. Ligand Pharmaceuticals has a consensus rating of Hold and a consensus price target of $223.88.

Shares of NASDAQ:LGND traded down $3.08 during trading on Friday, reaching $202.59. The stock had a trading volume of 1,284,388 shares, compared to its average volume of 354,703. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.34 and a quick ratio of 2.32. The firm has a market capitalization of $5.79 billion, a PE ratio of 78.83, a P/E/G ratio of 2.39 and a beta of 1.06. Ligand Pharmaceuticals has a 1-year low of $126.50 and a 1-year high of $278.62.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Monday, August 6th. The biotechnology company reported $2.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.34 by $0.25. The firm had revenue of $90.00 million for the quarter, compared to analyst estimates of $82.20 million. Ligand Pharmaceuticals had a return on equity of 25.95% and a net margin of 52.10%. The business’s revenue was up 221.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 earnings per share. As a group, analysts expect that Ligand Pharmaceuticals will post 5.74 earnings per share for the current year.

In other Ligand Pharmaceuticals news, SVP Charles S. Berkman sold 2,813 shares of the business’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $250.69, for a total transaction of $705,190.97. Following the transaction, the senior vice president now owns 30,576 shares of the company’s stock, valued at $7,665,097.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Charles S. Berkman sold 19,417 shares of the business’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $254.99, for a total value of $4,951,140.83. Following the transaction, the senior vice president now directly owns 28,232 shares in the company, valued at approximately $7,198,877.68. The disclosure for this sale can be found here. Insiders have sold 119,922 shares of company stock worth $30,297,452 in the last three months. 7.80% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Summit Trail Advisors LLC raised its position in Ligand Pharmaceuticals by 14,496.1% in the first quarter. Summit Trail Advisors LLC now owns 1,948,730 shares of the biotechnology company’s stock valued at $1,949,000 after purchasing an additional 1,935,379 shares during the period. BlackRock Inc. raised its position in Ligand Pharmaceuticals by 8.3% in the second quarter. BlackRock Inc. now owns 3,264,974 shares of the biotechnology company’s stock valued at $676,405,000 after purchasing an additional 251,145 shares during the period. Renaissance Technologies LLC raised its position in Ligand Pharmaceuticals by 43.7% in the second quarter. Renaissance Technologies LLC now owns 523,494 shares of the biotechnology company’s stock valued at $108,452,000 after purchasing an additional 159,100 shares during the period. Janus Henderson Group PLC raised its position in Ligand Pharmaceuticals by 6.3% in the second quarter. Janus Henderson Group PLC now owns 927,101 shares of the biotechnology company’s stock valued at $192,068,000 after purchasing an additional 54,990 shares during the period. Finally, UBS Group AG raised its position in Ligand Pharmaceuticals by 465.7% in the first quarter. UBS Group AG now owns 62,154 shares of the biotechnology company’s stock valued at $10,265,000 after purchasing an additional 51,166 shares during the period.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing and acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Promacta, an oral medicine that increases the number of platelets in the blood; Kyprolis and Evomela, which are used to treat multiple myeloma; Baxdela, a captisol-enabled delafloxacin-IV for the treatment of acute bacterial skin and skin structure infections; Nexterone, a captisol-enabled formulation of amiodarone; Noxafil-IV, a captisol-enabled formulation of posaconazole for IV use; Carnexiv, which is indicated as replacement therapy for oral carbamazepine formulations; bazedoxifene for the treatment of postmenopausal osteoporosis; commercial pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune diseases; Vivitra for breast cancer; and Bryxta for non-small cell lung cancer.

See Also: Leveraged Buyout (LBO)

Analyst Recommendations for Ligand Pharmaceuticals (NASDAQ:LGND)

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