HC Wainwright Reaffirms Buy Rating for Ligand Pharmaceuticals (LGND)

Ligand Pharmaceuticals (NASDAQ:LGND)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research report issued on Monday. They currently have a $281.00 target price on the biotechnology company’s stock. HC Wainwright’s price target would indicate a potential upside of 61.58% from the stock’s current price.

The analysts wrote, “Valuation and risks to price target achievement. We reiterate our Buy rating and $281 price target. Our target is based on sum of the parts including: (1) a clinical NPV model of assets in Phase 2 development or greater (currently 30 out of over 178 assets under development); and (2) NPV of current revenues based on our projections for royalties, material sales, and collaborative revenue.””

LGND has been the subject of a number of other reports. BidaskClub cut shares of Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 4th. Argus set a $300.00 price objective on shares of Ligand Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday, September 11th. They noted that the move was a valuation call. Goldman Sachs Group started coverage on shares of Ligand Pharmaceuticals in a research report on Friday, August 17th. They set a “neutral” rating and a $256.00 price objective for the company. ValuEngine cut shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, October 11th. Finally, Roth Capital raised shares of Ligand Pharmaceuticals from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $250.00 to $195.00 in a research report on Monday, October 29th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $227.00.

LGND traded up $10.93 during trading on Monday, reaching $173.91. 25,013 shares of the stock were exchanged, compared to its average volume of 1,023,463. The company has a market cap of $3.38 billion, a price-to-earnings ratio of 67.18, a PEG ratio of 1.40 and a beta of 1.52. Ligand Pharmaceuticals has a twelve month low of $126.50 and a twelve month high of $278.62. The company has a current ratio of 2.34, a quick ratio of 2.32 and a debt-to-equity ratio of 0.96.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its earnings results on Thursday, November 8th. The biotechnology company reported $1.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.29. The business had revenue of $45.66 million for the quarter, compared to the consensus estimate of $41.99 million. Ligand Pharmaceuticals had a net margin of 52.10% and a return on equity of 25.95%. The firm’s revenue for the quarter was up 36.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.69 earnings per share. As a group, research analysts forecast that Ligand Pharmaceuticals will post 5.71 earnings per share for the current year.

In other news, Director John W. Kozarich sold 2,500 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $275.04, for a total value of $687,600.00. Following the completion of the sale, the director now owns 26,142 shares of the company’s stock, valued at $7,190,095.68. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Charles S. Berkman sold 19,417 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $254.99, for a total transaction of $4,951,140.83. Following the completion of the sale, the senior vice president now directly owns 28,232 shares of the company’s stock, valued at approximately $7,198,877.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 119,922 shares of company stock valued at $30,297,452. Company insiders own 7.80% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. First Hawaiian Bank bought a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at about $131,000. Advisor Partners LLC bought a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at about $207,000. CIBC Asset Management Inc bought a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at about $210,000. Pennsylvania Trust Co bought a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at about $210,000. Finally, NewSquare Capital LLC bought a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at about $236,000.

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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Analyst Recommendations for Ligand Pharmaceuticals (NASDAQ:LGND)

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