Ligand Pharmaceuticals (NASDAQ:LGND) Upgraded at Barclays

Barclays upgraded shares of Ligand Pharmaceuticals (NASDAQ:LGND) from an equal weight rating to an overweight rating in a research note released on Thursday morning, BenzingaRatingsTable reports. Barclays currently has $132.00 price target on the biotechnology company’s stock, up from their previous price target of $110.00.

A number of other equities research analysts have also weighed in on LGND. Argus set a $140.00 price objective on Ligand Pharmaceuticals and gave the stock a buy rating in a research report on Monday, June 10th. ValuEngine lowered Ligand Pharmaceuticals from a buy rating to a hold rating in a research report on Tuesday, July 23rd. BidaskClub upgraded Ligand Pharmaceuticals from a strong sell rating to a sell rating in a research report on Friday, September 13th. Finally, Zacks Investment Research lowered Ligand Pharmaceuticals from a hold rating to a strong sell rating and set a $95.00 price objective on the stock. in a research report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $152.20.

Shares of LGND opened at $104.00 on Thursday. Ligand Pharmaceuticals has a 52-week low of $84.45 and a 52-week high of $278.62. The business’s fifty day moving average is $93.54 and its 200-day moving average is $111.24. The company has a debt-to-equity ratio of 0.61, a quick ratio of 13.15 and a current ratio of 13.23. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 2.30 and a beta of 1.30.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings data on Tuesday, July 30th. The biotechnology company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.30. The business had revenue of $24.99 million for the quarter, compared to analyst estimates of $21.01 million. Ligand Pharmaceuticals had a return on equity of 11.24% and a net margin of 389.58%. Ligand Pharmaceuticals’s quarterly revenue was down 72.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.59 EPS. As a group, research analysts forecast that Ligand Pharmaceuticals will post 2.28 EPS for the current fiscal year.

In other news, Director Jason Aryeh acquired 250 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Monday, July 29th. The shares were acquired at an average price of $106.01 per share, for a total transaction of $26,502.50. Following the transaction, the director now directly owns 61,953 shares of the company’s stock, valued at approximately $6,567,637.53. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sunil Patel acquired 1,000 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Friday, August 2nd. The shares were purchased at an average price of $95.98 per share, for a total transaction of $95,980.00. Following the transaction, the director now directly owns 26,359 shares in the company, valued at $2,529,936.82. The disclosure for this purchase can be found here. Insiders have purchased a total of 8,600 shares of company stock worth $828,747 in the last 90 days. 8.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Manchester Capital Management LLC bought a new stake in shares of Ligand Pharmaceuticals in the 1st quarter valued at about $26,000. FTB Advisors Inc. bought a new stake in shares of Ligand Pharmaceuticals in the 2nd quarter valued at about $26,000. Tower Research Capital LLC TRC grew its position in shares of Ligand Pharmaceuticals by 188.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 228 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 149 shares during the last quarter. FinTrust Capital Advisors LLC grew its position in shares of Ligand Pharmaceuticals by 64.4% in the 1st quarter. FinTrust Capital Advisors LLC now owns 337 shares of the biotechnology company’s stock valued at $43,000 after buying an additional 132 shares during the last quarter. Finally, Valeo Financial Advisors LLC bought a new stake in shares of Ligand Pharmaceuticals in the 2nd quarter valued at about $46,000.

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; 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.

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