Ligand Pharmaceuticals’ (LGND) Buy Rating Reiterated at HC Wainwright

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research report issued on Wednesday. They currently have a $157.00 price target on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 10.45% from the company’s current price.

A number of other brokerages also recently weighed in on LGND. Deutsche Bank AG reissued a “hold” rating and issued a $103.00 price target (up from $100.00) on shares of Ligand Pharmaceuticals in a report on Monday, July 17th. Roth Capital reissued a “buy” rating and issued a $158.00 price target (up from $135.00) on shares of Ligand Pharmaceuticals in a report on Wednesday, October 11th. BidaskClub downgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. TheStreet raised shares of Ligand Pharmaceuticals from a “c” rating to a “b-” rating in a report on Monday, August 7th. Finally, ValuEngine raised shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, June 22nd. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $144.20.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Monday, August 7th. The biotechnology company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.42. Ligand Pharmaceuticals had a net margin of 7.39% and a return on equity of 5.05%. The firm had revenue of $28.00 million during the quarter, compared to the consensus estimate of $24.40 million. During the same period in the prior year, the firm earned $0.50 EPS. The business’s revenue was up 43.6% on a year-over-year basis.

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In other news, CEO John L. Higgins sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $130.00, for a total transaction of $650,000.00. Following the completion of the transaction, the chief executive officer now directly owns 144,171 shares of the company’s stock, valued at approximately $18,742,230. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Charles S. Berkman sold 18,625 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $126.96, for a total transaction of $2,364,630.00. Following the transaction, the vice president now directly owns 24,423 shares of the company’s stock, valued at $3,100,744.08. The disclosure for this sale can be found here. Insiders have sold a total of 37,208 shares of company stock valued at $4,733,796 over the last ninety days. 14.70% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the company. Strs Ohio lifted its holdings in shares of Ligand Pharmaceuticals by 225.0% during the 2nd quarter. Strs Ohio now owns 1,300 shares of the biotechnology company’s stock worth $157,000 after acquiring an additional 900 shares during the period. First Mercantile Trust Co. lifted its holdings in shares of Ligand Pharmaceuticals by 1.6% during the 2nd quarter. First Mercantile Trust Co. now owns 1,310 shares of the biotechnology company’s stock worth $159,000 after acquiring an additional 20 shares during the period. Teacher Retirement System of Texas bought a new position in shares of Ligand Pharmaceuticals during the 2nd quarter worth about $203,000. Riverhead Capital Management LLC lifted its holdings in shares of Ligand Pharmaceuticals by 99.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,798 shares of the biotechnology company’s stock worth $218,000 after acquiring an additional 898 shares during the period. Finally, Ameritas Investment Partners Inc. lifted its holdings in shares of Ligand Pharmaceuticals by 9.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,799 shares of the biotechnology company’s stock worth $218,000 after acquiring an additional 154 shares during the period.

Ligand Pharmaceuticals Company Profile

Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company is involved in the development and licensing of biopharmaceutical assets. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.

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