Ligand Pharmaceuticals (NASDAQ:LGND) Downgraded by BidaskClub

BidaskClub cut shares of Ligand Pharmaceuticals (NASDAQ:LGND) from a hold rating to a sell rating in a research report released on Wednesday, BidAskClub reports.

LGND has been the subject of several other research reports. HC Wainwright reaffirmed a buy rating and set a $254.00 price target (down previously from $281.00) on shares of Ligand Pharmaceuticals in a research note on Wednesday, March 6th. Zacks Investment Research raised Ligand Pharmaceuticals from a strong sell rating to a buy rating and set a $138.00 price target for the company in a research note on Tuesday, March 26th. Argus set a $140.00 price target on Ligand Pharmaceuticals and gave the stock a buy rating in a research note on Monday. ValuEngine raised Ligand Pharmaceuticals from a sell rating to a hold rating in a research note on Wednesday, May 1st. Finally, Barclays assumed coverage on Ligand Pharmaceuticals in a research note on Tuesday. They set an equal weight rating and a $131.00 price target for the company. Two research 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 stock has an average rating of Hold and an average price target of $195.88.

Shares of LGND stock opened at $110.33 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 8.39 and a quick ratio of 8.33. Ligand Pharmaceuticals has a 12-month low of $98.56 and a 12-month high of $278.62. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 2.30 and a beta of 1.40.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Thursday, May 2nd. The biotechnology company reported $1.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.28. Ligand Pharmaceuticals had a return on equity of 19.21% and a net margin of 320.12%. The firm had revenue of $43.48 million during the quarter, compared to analyst estimates of $38.28 million. During the same quarter in the previous year, the company posted $1.55 earnings per share. The company’s revenue was down 22.6% compared to the same quarter last year. Equities research analysts anticipate that Ligand Pharmaceuticals will post 2.34 earnings per share for the current fiscal year.

In related news, Director Jason Aryeh acquired 250 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average price of $112.51 per share, for a total transaction of $28,127.50. Following the completion of the acquisition, the director now owns 59,368 shares in the company, valued at $6,679,493.68. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO John L. Higgins acquired 2,500 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was bought at an average price of $113.50 per share, for a total transaction of $283,750.00. Following the acquisition, the chief executive officer now owns 28,042 shares of the company’s stock, valued at approximately $3,182,767. The disclosure for this purchase can be found here. In the last quarter, insiders bought 4,500 shares of company stock worth $503,895. Company insiders own 7.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc increased its holdings in Ligand Pharmaceuticals by 3.3% during the 3rd quarter. Vanguard Group Inc now owns 2,090,137 shares of the biotechnology company’s stock valued at $573,721,000 after purchasing an additional 66,789 shares during the period. Bank of Montreal Can increased its holdings in Ligand Pharmaceuticals by 3.4% during the 4th quarter. Bank of Montreal Can now owns 10,002 shares of the biotechnology company’s stock valued at $1,357,000 after purchasing an additional 330 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in Ligand Pharmaceuticals during the 4th quarter valued at about $150,000. Advisors Asset Management Inc. increased its holdings in Ligand Pharmaceuticals by 11.0% during the 4th quarter. Advisors Asset Management Inc. now owns 9,552 shares of the biotechnology company’s stock valued at $1,296,000 after purchasing an additional 947 shares during the period. Finally, Rhumbline Advisers increased its holdings in Ligand Pharmaceuticals by 30.8% during the 4th quarter. Rhumbline Advisers now owns 67,591 shares of the biotechnology company’s stock valued at $9,172,000 after purchasing an additional 15,915 shares during the period.

Ligand Pharmaceuticals Company Profile

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.

Read More: How Do You Calculate Return on Equity (ROE)?

Analyst Recommendations for Ligand Pharmaceuticals (NASDAQ:LGND)

Receive News & Ratings for Ligand Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ligand Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.