Ligand Pharmaceuticals (NASDAQ:LGND) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Ligand Pharmaceuticals (NASDAQ:LGND) had its price target increased by Royal Bank Of Canada from $262.00 to $340.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the biotechnology company’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 14.69% from the company’s current price.

A number of other equities research analysts have also weighed in on LGND. Bank of America lifted their price objective on Ligand Pharmaceuticals from $266.00 to $388.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Citigroup increased their target price on Ligand Pharmaceuticals from $276.00 to $282.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. HC Wainwright raised their price target on Ligand Pharmaceuticals from $243.00 to $289.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Weiss Ratings downgraded Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 15th. Finally, Stifel Nicolaus upped their price objective on Ligand Pharmaceuticals from $255.00 to $332.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Ligand Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $304.00.

Ligand Pharmaceuticals Stock Up 0.1%

Ligand Pharmaceuticals stock opened at $296.45 on Wednesday. Ligand Pharmaceuticals has a twelve month low of $129.47 and a twelve month high of $326.63. The stock has a 50 day moving average of $262.08 and a two-hundred day moving average of $224.04. The company has a current ratio of 21.28, a quick ratio of 20.95 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of 40.22, a PEG ratio of 2.93 and a beta of 1.10.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its earnings results on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.21). Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The company had revenue of $51.72 million during the quarter, compared to analysts’ expectations of $59.10 million. During the same quarter last year, the business posted $1.33 earnings per share. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, research analysts expect that Ligand Pharmaceuticals will post 4.56 earnings per share for the current year.

Insiders Place Their Bets

In other Ligand Pharmaceuticals news, Director John L. Lamattina sold 4,591 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 26,969 shares of the company’s stock, valued at approximately $6,765,982.72. This trade represents a 14.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen L. Sabba sold 2,145 shares of Ligand Pharmaceuticals stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $254.00, for a total value of $544,830.00. Following the completion of the sale, the director owned 33,629 shares of the company’s stock, valued at $8,541,766. This trade represents a 6.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 35,698 shares of company stock valued at $9,019,252. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LGND. Royal Bank of Canada boosted its position in shares of Ligand Pharmaceuticals by 25.8% in the first quarter. Royal Bank of Canada now owns 6,120 shares of the biotechnology company’s stock worth $644,000 after acquiring an additional 1,256 shares during the last quarter. AQR Capital Management LLC purchased a new stake in Ligand Pharmaceuticals in the first quarter valued at approximately $344,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Ligand Pharmaceuticals by 8.2% during 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 purchasing an additional 809 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Ligand Pharmaceuticals by 9.8% during the first 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 during the last quarter. Finally, Jane Street Group LLC raised its stake in Ligand Pharmaceuticals by 176.2% during the first quarter. Jane Street Group LLC now owns 36,922 shares of the biotechnology company’s stock worth $3,882,000 after purchasing an additional 23,553 shares during the period. Institutional investors and hedge funds own 91.28% of the company’s stock.

Ligand Pharmaceuticals Company Profile

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.