Ligand Pharmaceuticals (NASDAQ:LGND) Reaches New 12-Month Low on Analyst Downgrade

Ligand Pharmaceuticals Inc. (NASDAQ:LGND)’s stock price reached a new 52-week low on Monday after Barclays lowered their price target on the stock from $131.00 to $110.00. Barclays currently has an equal weight rating on the stock. Ligand Pharmaceuticals traded as low as $89.68 and last traded at $89.88, with a volume of 145034 shares. The stock had previously closed at $95.06.

LGND has been the topic of several other research reports. Argus set a $140.00 price target on Ligand Pharmaceuticals and gave the stock a “buy” rating in a research report on Monday, June 10th. BidaskClub lowered Ligand Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday. HC Wainwright reaffirmed a “buy” rating and set a $214.00 price target (down previously from $254.00) on shares of Ligand Pharmaceuticals in a research report on Friday, May 3rd. Finally, ValuEngine lowered Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $193.25.

In other Ligand Pharmaceuticals news, CEO John L. Higgins bought 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were acquired at an average cost of $113.50 per share, with a total value of $283,750.00. Following the acquisition, the chief executive officer now owns 28,042 shares of the company’s stock, valued at $3,182,767. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jason Aryeh bought 4,004 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were acquired at an average cost of $99.22 per share, for a total transaction of $397,276.88. Following the completion of the acquisition, the director now directly owns 61,953 shares in the company, valued at approximately $6,146,976.66. The disclosure for this purchase can be found here. Insiders have purchased a total of 10,604 shares of company stock worth $1,104,257 over the last three months. 8.40% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its holdings in Ligand Pharmaceuticals by 18.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 207,306 shares of the biotechnology company’s stock valued at $28,132,000 after purchasing an additional 32,096 shares during the last quarter. MML Investors Services LLC boosted its position in shares of Ligand Pharmaceuticals by 31.0% in the fourth quarter. MML Investors Services LLC now owns 1,789 shares of the biotechnology company’s stock valued at $243,000 after acquiring an additional 423 shares during the period. Amundi Pioneer Asset Management Inc. boosted its position in shares of Ligand Pharmaceuticals by 81.6% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 5,992 shares of the biotechnology company’s stock valued at $813,000 after acquiring an additional 2,692 shares during the period. Amalgamated Bank boosted its position in shares of Ligand Pharmaceuticals by 126.1% in the fourth quarter. Amalgamated Bank now owns 3,276 shares of the biotechnology company’s stock valued at $445,000 after acquiring an additional 1,827 shares during the period. Finally, Norges Bank bought a new stake in shares of Ligand Pharmaceuticals in the fourth quarter valued at approximately $31,990,000.

The company has a debt-to-equity ratio of 0.60, a current ratio of 13.23 and a quick ratio of 8.33. The firm has a market capitalization of $1.87 billion, a P/E ratio of 14.33, a P/E/G ratio of 2.03 and a beta of 1.31. The firm’s 50-day moving average is $111.75.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Tuesday, July 30th. The biotechnology company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.30. Ligand Pharmaceuticals had a return on equity of 11.24% and a net margin of 389.58%. The company had revenue of $24.99 million during the quarter, compared to analysts’ expectations of $21.01 million. During the same period in the prior year, the business earned $2.59 earnings per share. Ligand Pharmaceuticals’s revenue for the quarter was down 72.2% compared to the same quarter last year. On average, equities analysts expect that Ligand Pharmaceuticals Inc. will post 2.34 EPS for the current fiscal year.

About Ligand Pharmaceuticals (NASDAQ:LGND)

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing and acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Promacta, an oral medicine that increases the number of platelets in the blood; Kyprolis and Evomela, which are used to treat multiple myeloma; Baxdela, a captisol-enabled delafloxacin-IV for the treatment of acute bacterial skin and skin structure infections; Nexterone, a captisol-enabled formulation of amiodarone; Noxafil-IV, a captisol-enabled formulation of posaconazole for IV use; Carnexiv, which is indicated as replacement therapy for oral carbamazepine formulations; bazedoxifene for the treatment of postmenopausal osteoporosis; Aziyo portfolio of commercial pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune diseases; Vivitra for breast cancer; and Bryxta for non-small cell lung cancer.

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