Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Director Sells $297,501.90 in Stock

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Director John L. Lamattina sold 2,406 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $123.65, for a total value of $297,501.90. Following the completion of the transaction, the director now directly owns 29,515 shares of the company’s stock, valued at approximately $3,649,529.75. This trade represents a 7.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Ligand Pharmaceuticals Stock Performance

Shares of NASDAQ:LGND traded up $1.23 on Monday, reaching $122.70. The company’s stock had a trading volume of 83,356 shares, compared to its average volume of 135,869. The company has a 50-day simple moving average of $110.11 and a 200 day simple moving average of $99.95. Ligand Pharmaceuticals Incorporated has a 52-week low of $58.97 and a 52-week high of $129.90. The company has a market cap of $2.32 billion, a P/E ratio of 48.57 and a beta of 0.99.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Ligand Pharmaceuticals by 4.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,992 shares of the biotechnology company’s stock worth $951,000 after purchasing an additional 610 shares during the period. Burney Co. raised its stake in shares of Ligand Pharmaceuticals by 13.4% in the first quarter. Burney Co. now owns 3,524 shares of the biotechnology company’s stock valued at $258,000 after acquiring an additional 416 shares during the period. Linden Thomas Advisory Services LLC lifted its holdings in shares of Ligand Pharmaceuticals by 1.6% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 17,112 shares of the biotechnology company’s stock worth $1,442,000 after acquiring an additional 271 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Ligand Pharmaceuticals during the 2nd quarter worth about $339,000. Finally, Portside Wealth Group LLC bought a new position in Ligand Pharmaceuticals during the 2nd quarter valued at about $229,000. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Barclays boosted their price target on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Benchmark upped their target price on shares of Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. HC Wainwright reiterated a “buy” rating and issued a $157.00 price target on shares of Ligand Pharmaceuticals in a report on Friday, November 8th. Royal Bank of Canada increased their price objective on shares of Ligand Pharmaceuticals from $130.00 to $140.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. Finally, Oppenheimer lifted their target price on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $144.83.

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.