Ligand Pharmaceuticals (NASDAQ:LGND) Given New $143.00 Price Target at Royal Bank of Canada

Ligand Pharmaceuticals (NASDAQ:LGND) had its price target lifted by research analysts at Royal Bank of Canada from $141.00 to $143.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the biotechnology company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 18.62% from the company’s previous close.

Several other brokerages have also issued reports on LGND. Benchmark boosted their price target on shares of Ligand Pharmaceuticals from $110.00 to $135.00 and gave the company a “buy” rating in a report on Friday, November 8th. Oppenheimer boosted their price target on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Barclays boosted their price target on shares of Ligand Pharmaceuticals from $125.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, HC Wainwright reissued a “buy” rating on shares of Ligand Pharmaceuticals in a report on Wednesday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Ligand Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $145.33.

Ligand Pharmaceuticals Price Performance

LGND stock traded up $1.95 on Wednesday, reaching $120.55. 16,346 shares of the company were exchanged, compared to its average volume of 134,712. Ligand Pharmaceuticals has a 12 month low of $60.28 and a 12 month high of $129.90. The stock’s fifty day moving average price is $113.12 and its 200 day moving average price is $101.67. The firm has a market capitalization of $2.28 billion, a PE ratio of 48.04 and a beta of 1.01.

Insider Transactions at Ligand Pharmaceuticals

In other news, Director John L. Lamattina sold 2,406 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $123.65, for a total value of $297,501.90. Following the sale, the director now owns 29,515 shares of the company’s stock, valued at approximately $3,649,529.75. This represents a 7.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Octavio Espinoza sold 1,275 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $103.94, for a total transaction of $132,523.50. Following the transaction, the chief financial officer now owns 24,610 shares in the company, valued at approximately $2,557,963.40. This trade represents a 4.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,728 shares of company stock valued at $2,271,575. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new position in Ligand Pharmaceuticals during the 2nd quarter valued at about $31,000. Rothschild Investment LLC acquired a new position in Ligand Pharmaceuticals during the 2nd quarter valued at about $34,000. Headlands Technologies LLC lifted its position in Ligand Pharmaceuticals by 21.7% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock valued at $64,000 after purchasing an additional 135 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Ligand Pharmaceuticals by 23.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock valued at $64,000 after purchasing an additional 125 shares during the period. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in Ligand Pharmaceuticals during the 2nd quarter valued at about $67,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

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.