Ligand Pharmaceuticals (NASDAQ:LGND) Shares Gap Up to $89.56

Ligand Pharmaceuticals Inc. (NASDAQ:LGND)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $89.56, but opened at $95.92. Ligand Pharmaceuticals shares last traded at $95.09, with a volume of 21,440 shares trading hands.

Several equities research analysts recently weighed in on the stock. Barclays boosted their price target on shares of Ligand Pharmaceuticals from $134.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Zacks Investment Research cut shares of Ligand Pharmaceuticals from a “strong-buy” rating to a “hold” rating and set a $131.00 price target for the company. in a report on Tuesday, July 7th. Roth Capital boosted their price target on shares of Ligand Pharmaceuticals from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. BidaskClub cut shares of Ligand Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, September 18th. Finally, Cantor Fitzgerald cut shares of Ligand Pharmaceuticals from an “overweight” rating to a “neutral” rating in a report on Friday, August 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. Ligand Pharmaceuticals currently has an average rating of “Hold” and an average price target of $170.00.

The stock has a market cap of $1.44 billion, a price-to-earnings ratio of -64.90, a PEG ratio of 2.19 and a beta of 1.45. The stock’s 50 day moving average is $106.13 and its two-hundred day moving average is $102.76. The company has a current ratio of 29.51, a quick ratio of 29.38 and a debt-to-equity ratio of 0.65.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings data on Monday, August 3rd. The biotechnology company reported $1.00 EPS for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.24. The company had revenue of $41.40 million during the quarter, compared to the consensus estimate of $29.96 million. Ligand Pharmaceuticals had a negative net margin of 19.51% and a positive return on equity of 4.41%. Ligand Pharmaceuticals’s quarterly revenue was up 65.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.68 EPS. On average, sell-side analysts predict that Ligand Pharmaceuticals Inc. will post 2.99 EPS for the current year.

In other news, COO Matthew W. Foehr sold 7,225 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $112.88, for a total value of $815,558.00. Following the completion of the transaction, the chief operating officer now owns 155,413 shares in the company, valued at approximately $17,543,019.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.20% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Huntington National Bank boosted its stake in shares of Ligand Pharmaceuticals by 64.8% during the 2nd quarter. Huntington National Bank now owns 239 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 94 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of Ligand Pharmaceuticals during the 2nd quarter worth about $32,000. Private Capital Group LLC boosted its stake in shares of Ligand Pharmaceuticals by 36.7% during the 2nd quarter. Private Capital Group LLC now owns 774 shares of the biotechnology company’s stock worth $87,000 after purchasing an additional 208 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of Ligand Pharmaceuticals by 17.1% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,234 shares of the biotechnology company’s stock worth $90,000 after purchasing an additional 180 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Ligand Pharmaceuticals by 25.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,769 shares of the biotechnology company’s stock worth $198,000 after purchasing an additional 356 shares during the last quarter.

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.

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