BidaskClub Downgrades Ligand Pharmaceuticals (LGND) to Buy

BidaskClub lowered shares of Ligand Pharmaceuticals (NASDAQ:LGND) from a strong-buy rating to a buy rating in a research note published on Thursday.

Other equities research analysts also recently issued reports about the company. HC Wainwright set a $270.00 price target on Ligand Pharmaceuticals and gave the company a buy rating in a research note on Wednesday, September 19th. Argus set a $300.00 price target on Ligand Pharmaceuticals and gave the company a buy rating in a research note on Tuesday, September 11th. They noted that the move was a valuation call. Stephens restated a buy rating and set a $248.00 price target on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 8th. Craig Hallum boosted their price target on Ligand Pharmaceuticals from $230.00 to $260.00 and gave the company a buy rating in a research note on Tuesday, August 7th. Finally, Zacks Investment Research downgraded Ligand Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, June 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. Ligand Pharmaceuticals has an average rating of Buy and a consensus target price of $223.88.

Ligand Pharmaceuticals stock opened at $254.24 on Thursday. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of 98.93, a PEG ratio of 2.39 and a beta of 1.06. Ligand Pharmaceuticals has a 52-week low of $126.50 and a 52-week high of $278.62. The company has a quick ratio of 2.32, a current ratio of 2.34 and a debt-to-equity ratio of 0.96.

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

In other news, CEO John L. Higgins sold 34,500 shares of Ligand Pharmaceuticals stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $241.96, for a total transaction of $8,347,620.00. Following the transaction, the chief executive officer now directly owns 110,426 shares of the company’s stock, valued at approximately $26,718,674.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Charles S. Berkman sold 19,417 shares of Ligand Pharmaceuticals stock in a transaction dated Tuesday, September 4th. The shares were 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 $7,198,877.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 117,422 shares of company stock worth $29,662,477. Insiders own 7.80% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Northern Trust Corp lifted its position in shares of Ligand Pharmaceuticals by 0.6% during the 2nd quarter. Northern Trust Corp now owns 311,147 shares of the biotechnology company’s stock valued at $64,460,000 after buying an additional 1,961 shares in the last quarter. Steigerwald Gordon & Koch Inc. purchased a new position in shares of Ligand Pharmaceuticals during the 2nd quarter valued at about $324,000. Moody Aldrich Partners LLC purchased a new position in shares of Ligand Pharmaceuticals during the 2nd quarter valued at about $5,476,000. FMR LLC lifted its position in shares of Ligand Pharmaceuticals by 3.3% during the 2nd quarter. FMR LLC now owns 440,584 shares of the biotechnology company’s stock valued at $91,276,000 after buying an additional 14,017 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its position in shares of Ligand Pharmaceuticals by 74.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 6,402 shares of the biotechnology company’s stock valued at $1,326,000 after buying an additional 2,723 shares in the last quarter.

Ligand Pharmaceuticals Company Profile

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.

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