Ligand Pharmaceuticals (NASDAQ:LGND) Upgraded by StockNews.com to Hold Rating

Ligand Pharmaceuticals (NASDAQ:LGND) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Tuesday.

LGND has been the subject of several other reports. Barclays lifted 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. Royal Bank of Canada lifted 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. Benchmark reaffirmed a “buy” rating and set a $135.00 price objective on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.00.

Ligand Pharmaceuticals Stock Performance

NASDAQ LGND opened at $108.03 on Tuesday. The stock has a fifty day moving average of $114.20 and a 200-day moving average of $111.75. The stock has a market capitalization of $2.08 billion, a P/E ratio of 43.04 and a beta of 1.12. Ligand Pharmaceuticals has a 52 week low of $67.72 and a 52 week high of $129.90.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 2,104 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $116.37, for a total value of $244,842.48. Following the completion of the transaction, the chief financial officer now directly owns 20,647 shares of the company’s stock, valued at approximately $2,402,691.39. The trade was a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC acquired a new position in Ligand Pharmaceuticals in the fourth quarter valued at about $286,000. GF Fund Management CO. LTD. acquired a new position in Ligand Pharmaceuticals in the fourth quarter valued at about $43,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Ligand Pharmaceuticals by 26.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,401 shares of the biotechnology company’s stock worth $5,400,000 after buying an additional 10,563 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Ligand Pharmaceuticals during the fourth quarter worth about $1,800,000. Finally, ProShare Advisors LLC boosted its position in shares of Ligand Pharmaceuticals by 32.0% during the fourth quarter. ProShare Advisors LLC now owns 6,144 shares of the biotechnology company’s stock worth $658,000 after buying an additional 1,490 shares during the period. 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.