Ligand Pharmaceuticals (NASDAQ:LGND) Trading Down 2.3%

Ligand Pharmaceuticals Inc. (NASDAQ:LGND)’s stock price fell 2.3% during mid-day trading on Wednesday . The company traded as low as $94.04 and last traded at $93.00, 39,787 shares were traded during trading. A decline of 86% from the average session volume of 288,339 shares. The stock had previously closed at $95.22.

Several research firms have weighed in on LGND. Barclays began coverage on Ligand Pharmaceuticals in a research note on Tuesday, June 11th. They set an “equal weight” rating and a $131.00 target price for the company. Argus set a $140.00 target price on Ligand Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, June 10th. ValuEngine cut Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. HC Wainwright restated a “buy” rating and set a $214.00 target price (down from $254.00) on shares of Ligand Pharmaceuticals in a research note on Friday, May 3rd. Finally, BidaskClub cut Ligand Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $195.88.

The stock has a market cap of $1.80 billion, a P/E ratio of 14.57, a P/E/G ratio of 2.31 and a beta of 1.39. The company has a quick ratio of 8.33, a current ratio of 8.39 and a debt-to-equity ratio of 0.57. The firm’s 50 day simple moving average is $112.39.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings results on Tuesday, July 30th. The biotechnology company reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.30. The company had revenue of $24.99 million during the quarter, compared to analysts’ expectations of $21.01 million. Ligand Pharmaceuticals had a return on equity of 19.21% and a net margin of 320.12%. Ligand Pharmaceuticals’s revenue was down 72.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.59 EPS. As a group, research analysts forecast that Ligand Pharmaceuticals Inc. will post 2.34 EPS for the current fiscal year.

In related news, Director Jason Aryeh bought 250 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average cost of $112.51 per share, with a total value of $28,127.50. Following the transaction, the director now directly owns 59,368 shares in the company, valued at $6,679,493.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John L. Higgins bought 1,850 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were bought at an average cost of $95.45 per share, with a total value of $176,582.50. Following the completion of the transaction, the chief executive officer now owns 146,749 shares in the company, valued at $14,007,192.05. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 10,604 shares of company stock valued at $1,104,257. 8.40% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in LGND. Dimensional Fund Advisors LP boosted its holdings in Ligand Pharmaceuticals by 18.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 207,306 shares of the biotechnology company’s stock worth $28,132,000 after acquiring an additional 32,096 shares during the period. MML Investors Services LLC raised its position in shares of Ligand Pharmaceuticals by 31.0% in the 4th quarter. MML Investors Services LLC now owns 1,789 shares of the biotechnology company’s stock valued at $243,000 after purchasing an additional 423 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its position in shares of Ligand Pharmaceuticals by 81.6% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 5,992 shares of the biotechnology company’s stock valued at $813,000 after purchasing an additional 2,692 shares in the last quarter. Amalgamated Bank raised its position in shares of Ligand Pharmaceuticals by 126.1% in the 4th quarter. Amalgamated Bank now owns 3,276 shares of the biotechnology company’s stock valued at $445,000 after purchasing an additional 1,827 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Ligand Pharmaceuticals in the 4th quarter valued at approximately $31,990,000.

About Ligand Pharmaceuticals (NASDAQ:LGND)

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; Aziyo portfolio of 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.

Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks

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