Ligand Pharmaceuticals (NASDAQ:LGND) Share Price Passes Above 200-Day Moving Average – What’s Next?

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $108.27 and traded as high as $115.81. Ligand Pharmaceuticals shares last traded at $115.03, with a volume of 77,219 shares.

Analysts Set New Price Targets

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

Ligand Pharmaceuticals Stock Down 0.3 %

The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 45.83 and a beta of 1.05. The company has a 50-day moving average price of $114.76 and a 200 day moving average price of $108.39.

Insider Buying and Selling

In other Ligand Pharmaceuticals news, Director John L. Lamattina sold 2,406 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $123.65, for a total transaction of $297,501.90. Following the transaction, the director now directly owns 29,515 shares in the company, valued at $3,649,529.75. This trade represents a 7.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Octavio Espinoza sold 2,104 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $116.37, for a total value of $244,842.48. Following the transaction, the chief financial officer now owns 20,647 shares in the company, valued at approximately $2,402,691.39. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the business. Chicago Capital LLC increased its stake in shares of Ligand Pharmaceuticals by 1.1% in the fourth quarter. Chicago Capital LLC now owns 551,588 shares of the biotechnology company’s stock worth $59,103,000 after purchasing an additional 5,767 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in shares of Ligand Pharmaceuticals by 14.0% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 4,007 shares of the biotechnology company’s stock worth $429,000 after purchasing an additional 493 shares during the period. Hantz Financial Services Inc. bought a new position in shares of Ligand Pharmaceuticals in the fourth quarter worth about $839,000. KBC Group NV increased its stake in shares of Ligand Pharmaceuticals by 49.7% in the fourth quarter. KBC Group NV now owns 904 shares of the biotechnology company’s stock worth $97,000 after purchasing an additional 300 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Ligand Pharmaceuticals during the fourth quarter worth about $172,000. 91.28% of the stock is currently owned by institutional investors.

Ligand Pharmaceuticals Company Profile

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.