Ligand Pharmaceuticals (NASDAQ:LGND) Trading Down 7.7% – Time to Sell?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s stock price fell 7.7% during mid-day trading on Friday . The company traded as low as $116.96 and last traded at $119.94. 28,443 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 135,405 shares. The stock had previously closed at $129.90.

Analysts Set New Price Targets

Several analysts have issued reports on LGND shares. Barclays boosted their target price on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday. HC Wainwright restated a “buy” rating and issued a $157.00 price objective on shares of Ligand Pharmaceuticals in a research note on Friday. Oppenheimer increased their target price on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research report on Friday. Benchmark boosted their price target on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $130.00 price objective on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Ligand Pharmaceuticals has an average rating of “Buy” and an average target price of $139.00.

Ligand Pharmaceuticals Stock Down 6.5 %

The business’s 50-day moving average price is $105.26 and its 200 day moving average price is $94.85. The company has a market capitalization of $2.22 billion, a P/E ratio of 48.02 and a beta of 0.99.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.34. Ligand Pharmaceuticals had a net margin of 29.69% and a return on equity of 7.91%. The firm had revenue of $41.50 million during the quarter, compared to analyst estimates of $33.04 million. During the same period in the previous year, the business earned $1.10 EPS. The business’s revenue for the quarter was up 57.2% on a year-over-year basis. Analysts anticipate that Ligand Pharmaceuticals Incorporated will post 3.47 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 transaction, the insider now directly owns 22,534 shares in the company, valued at approximately $2,397,392.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Matthew E. Korenberg sold 9,772 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $101.22, for a total transaction of $989,121.84. Following the transaction, the chief operating officer now directly owns 50,777 shares in the company, valued at approximately $5,139,647.94. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew Reardon sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $106.39, for a total transaction of $159,585.00. Following the completion of the sale, the insider now owns 22,534 shares of the company’s stock, 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. Insiders sold a total of 33,368 shares of company stock worth $3,458,560 over the last ninety days. 5.90% of the stock is owned by corporate insiders.

Institutional Trading of Ligand Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. Innealta Capital LLC bought a new position in Ligand Pharmaceuticals during the 2nd quarter worth approximately $31,000. Rothschild Investment LLC bought a new stake in Ligand Pharmaceuticals during the 2nd quarter valued at $34,000. Headlands Technologies LLC boosted its position in Ligand Pharmaceuticals by 21.7% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock valued at $64,000 after buying an additional 135 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Ligand Pharmaceuticals by 23.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock worth $64,000 after purchasing an additional 125 shares during the period. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in shares of Ligand Pharmaceuticals in the second quarter worth about $67,000. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

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.