Oppenheimer Begins Coverage on Ligand Pharmaceuticals (NASDAQ:LGND)

Oppenheimer began coverage on shares of Ligand Pharmaceuticals (NASDAQ:LGND) in a report issued on Thursday morning, Marketbeat reports. The firm issued an outperform rating and a $135.00 price objective on the biotechnology company’s stock.

A number of other brokerages have also recently weighed in on LGND. Benchmark increased their price target on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the stock a buy rating in a research report on Monday, August 12th. Royal Bank of Canada restated an outperform rating and issued a $130.00 target price on shares of Ligand Pharmaceuticals in a research report on Wednesday, August 7th. Craig Hallum lifted their price target on Ligand Pharmaceuticals from $135.00 to $140.00 and gave the company a buy rating in a report on Tuesday, July 9th. Finally, HC Wainwright reissued a buy rating and issued a $144.00 price objective on shares of Ligand Pharmaceuticals in a report on Thursday, August 8th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Ligand Pharmaceuticals presently has an average rating of Buy and a consensus price target of $131.80.

Ligand Pharmaceuticals Price Performance

LGND stock opened at $104.78 on Thursday. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 20.27 and a beta of 1.00. Ligand Pharmaceuticals has a 1-year low of $49.24 and a 1-year high of $112.13. The firm has a fifty day moving average price of $102.65 and a two-hundred day moving average price of $89.46.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.06 by $0.34. The business had revenue of $41.50 million during the quarter, compared to analyst estimates of $33.04 million. Ligand Pharmaceuticals had a net margin of 29.69% and a return on equity of 7.91%. The company’s quarterly revenue was up 57.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.10 EPS. As a group, analysts expect that Ligand Pharmaceuticals will post 3.54 EPS for the current fiscal year.

Insider Buying and Selling at Ligand Pharmaceuticals

In other news, insider Andrew Reardon sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total value of $159,585.00. Following the completion of the sale, the insider now directly owns 22,534 shares of the company’s stock, valued at approximately $2,397,392.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Todd C. Davis bought 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average price of $97.39 per share, with a total value of $243,475.00. Following the completion of the purchase, the chief executive officer now directly owns 123,010 shares of the company’s stock, valued at $11,979,943.90. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Andrew Reardon sold 1,500 shares of Ligand Pharmaceuticals stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $106.39, for a total value of $159,585.00. Following the transaction, the insider now directly owns 22,534 shares in the company, valued at approximately $2,397,392.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,613 shares of company stock valued at $5,255,692. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Innealta Capital LLC bought a new stake in shares of Ligand Pharmaceuticals in the 2nd quarter worth approximately $31,000. Rothschild Investment LLC acquired a new position in Ligand Pharmaceuticals in the second quarter worth approximately $34,000. Headlands Technologies LLC increased its holdings in shares of Ligand Pharmaceuticals by 21.7% in the second quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock valued at $64,000 after buying an additional 135 shares in the last quarter. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Ligand Pharmaceuticals during the 2nd quarter valued at $67,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of Ligand Pharmaceuticals during the 4th quarter valued at $107,000. 91.28% of the stock is owned by institutional investors and hedge funds.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, engages in the development and licensing of biopharmaceutical assets worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; Filspari, a dual endothelin and angiotensin II receptor antagonist in development for rare kidney diseases and non-immunosuppressive treatment indicated for immunoglobulin A nephropathy; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.