Ligand Pharmaceuticals (NASDAQ:LGND) Shares Down 7.1% – Time to Sell?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) shares traded down 7.1% during mid-day trading on Monday . The stock traded as low as $245.00 and last traded at $255.2690. Approximately 131,886 shares changed hands during trading, a decline of 41% from the average session volume of 224,522 shares. The stock had previously closed at $274.88.

Analyst Upgrades and Downgrades

Several analysts have weighed in on LGND shares. Oppenheimer boosted their target price on shares of Ligand Pharmaceuticals from $275.00 to $277.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. HC Wainwright raised their price target on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Wall Street Zen downgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Bank of America began coverage on shares of Ligand Pharmaceuticals in a research note on Wednesday, March 11th. They set a “buy” rating and a $244.00 price objective on the stock. Finally, Royal Bank Of Canada raised their target price on shares of Ligand Pharmaceuticals from $252.00 to $262.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Ligand Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.71.

Ligand Pharmaceuticals Stock Down 7.1%

The company has a quick ratio of 20.95, a current ratio of 21.28 and a debt-to-equity ratio of 0.45. The firm’s 50-day moving average price is $231.70 and its 200 day moving average price is $208.89. The firm has a market cap of $5.12 billion, a P/E ratio of 34.71, a price-to-earnings-growth ratio of 2.92 and a beta of 1.17.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its earnings results on Thursday, May 7th. The biotechnology company reported $1.63 EPS for the quarter, missing the consensus estimate of $1.84 by ($0.21). The business had revenue of $51.72 million during the quarter, compared to analyst estimates of $59.10 million. Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The firm’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.33 earnings per share. As a group, research analysts expect that Ligand Pharmaceuticals Incorporated will post 4.47 earnings per share for the current year.

Insider Activity

In related news, Director John L. Lamattina sold 4,591 shares of Ligand Pharmaceuticals stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $250.88, for a total value of $1,151,790.08. Following the transaction, the director directly owned 26,969 shares in the company, valued at $6,765,982.72. The trade was a 14.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephen L. Sabba sold 2,145 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $254.00, for a total value of $544,830.00. Following the sale, the director directly owned 33,629 shares in the company, valued at $8,541,766. This trade represents a 6.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 36,165 shares of company stock valued at $8,553,493 over the last quarter. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of institutional investors have recently bought and sold shares of LGND. Royal Bank of Canada raised its holdings in Ligand Pharmaceuticals by 25.8% during the 1st quarter. Royal Bank of Canada now owns 6,120 shares of the biotechnology company’s stock worth $644,000 after buying an additional 1,256 shares during the period. AQR Capital Management LLC purchased a new stake in Ligand Pharmaceuticals during the first quarter valued at about $344,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Ligand Pharmaceuticals by 8.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,660 shares of the biotechnology company’s stock worth $1,121,000 after buying an additional 809 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Ligand Pharmaceuticals by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,327 shares of the biotechnology company’s stock worth $5,817,000 after purchasing an additional 4,926 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Ligand Pharmaceuticals by 176.2% during the first quarter. Jane Street Group LLC now owns 36,922 shares of the biotechnology company’s stock valued at $3,882,000 after buying an additional 23,553 shares in the last quarter. Hedge funds and other institutional investors own 91.28% of the company’s stock.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.