Matthew E. Korenberg Sells 3,440 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Stock

Ligand Pharmaceuticals Incorporated (NASDAQ:LGNDGet Free Report) insider Matthew E. Korenberg sold 3,440 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $84.54, for a total transaction of $290,817.60. Following the sale, the insider now owns 100,421 shares in the company, valued at $8,489,591.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Ligand Pharmaceuticals Price Performance

Ligand Pharmaceuticals stock traded up $0.48 during mid-day trading on Wednesday, hitting $85.77. 164,727 shares of the company’s stock traded hands, compared to its average volume of 161,138. The firm has a 50 day simple moving average of $75.05 and a two-hundred day simple moving average of $70.35. Ligand Pharmaceuticals Incorporated has a fifty-two week low of $49.24 and a fifty-two week high of $94.57. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 16.59 and a beta of 1.01.

Ligand Pharmaceuticals (NASDAQ:LGNDGet Free Report) last issued its earnings results on Tuesday, May 7th. The biotechnology company reported $3.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $3.01. The firm had revenue of $30.90 million for the quarter, compared to the consensus estimate of $27.92 million. Ligand Pharmaceuticals had a return on equity of 8.52% and a net margin of 79.30%. The company’s revenue was down 29.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.96 EPS. On average, research analysts anticipate that Ligand Pharmaceuticals Incorporated will post 3.41 earnings per share for the current fiscal year.

Institutional Trading of Ligand Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of LGND. Pacer Advisors Inc. lifted its stake in Ligand Pharmaceuticals by 59.1% during the fourth quarter. Pacer Advisors Inc. now owns 325,727 shares of the biotechnology company’s stock worth $23,263,000 after purchasing an additional 121,049 shares during the last quarter. Impax Asset Management Group plc lifted its position in Ligand Pharmaceuticals by 11.3% during the fourth quarter. Impax Asset Management Group plc now owns 205,208 shares of the biotechnology company’s stock valued at $14,656,000 after buying an additional 20,888 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Ligand Pharmaceuticals by 98.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 37,173 shares of the biotechnology company’s stock valued at $2,655,000 after acquiring an additional 18,472 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in shares of Ligand Pharmaceuticals by 356.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 2,012 shares of the biotechnology company’s stock worth $144,000 after purchasing an additional 1,571 shares in the last quarter. Finally, Deutsche Bank AG boosted its holdings in Ligand Pharmaceuticals by 43.0% in the third quarter. Deutsche Bank AG now owns 136,229 shares of the biotechnology company’s stock worth $8,163,000 after acquiring an additional 40,958 shares in the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LGND. HC Wainwright reaffirmed a “buy” rating and set a $144.00 price objective on shares of Ligand Pharmaceuticals in a research report on Wednesday, May 8th. Benchmark restated a “buy” rating and issued a $95.00 price objective on shares of Ligand Pharmaceuticals in a report on Friday, April 12th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $116.33.

View Our Latest Stock Analysis on Ligand Pharmaceuticals

About Ligand Pharmaceuticals

(Get Free Report)

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.

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