Ligand Pharmaceuticals (NASDAQ:LGND) Trading Up 7.3% – Should You Buy?

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) rose 7.3% during mid-day trading on Thursday . The company traded as high as $120.32 and last traded at $123.35. Approximately 26,391 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 87,548 shares. The stock had previously closed at $115.01.

Wall Street Analysts Forecast Growth

LGND has been the subject of a number of recent research reports. HC Wainwright reiterated a “buy” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Oppenheimer increased their target price on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada increased their target price on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Barclays increased their target price on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Finally, Benchmark reiterated a “buy” rating and issued a $135.00 target price on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $147.00.

Ligand Pharmaceuticals Trading Up 5.7 %

The business has a 50 day simple moving average of $114.03 and a two-hundred day simple moving average of $111.01. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 48.70 and a beta of 1.04.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 2,104 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $116.37, for a total transaction of $244,842.48. Following the completion of the sale, the chief financial officer now owns 20,647 shares in the company, valued at $2,402,691.39. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of hedge funds have recently bought and sold shares of LGND. Massachusetts Financial Services Co. MA acquired a new position in shares of Ligand Pharmaceuticals in the 4th quarter worth approximately $29,652,000. Vanguard Group Inc. grew its position in shares of Ligand Pharmaceuticals by 5.8% in the 4th quarter. Vanguard Group Inc. now owns 2,085,627 shares of the biotechnology company’s stock worth $223,475,000 after acquiring an additional 115,005 shares in the last quarter. Loomis Sayles & Co. L P grew its position in shares of Ligand Pharmaceuticals by 44.3% in the 3rd quarter. Loomis Sayles & Co. L P now owns 372,779 shares of the biotechnology company’s stock worth $37,312,000 after acquiring an additional 114,436 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Ligand Pharmaceuticals by 95.9% in the 4th quarter. Franklin Resources Inc. now owns 185,402 shares of the biotechnology company’s stock worth $19,866,000 after acquiring an additional 90,743 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its position in shares of Ligand Pharmaceuticals by 70.0% in the 4th quarter. Driehaus Capital Management LLC now owns 162,771 shares of the biotechnology company’s stock worth $17,441,000 after acquiring an additional 67,033 shares in the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.

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.