Insider Buying: Ligand Pharmaceuticals Inc. (LGND) CEO Acquires 2,500 Shares of Stock

Ligand Pharmaceuticals Inc. (NASDAQ:LGND) CEO John L. Higgins acquired 2,500 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was acquired at an average cost of $114.29 per share, for a total transaction of $285,725.00. Following the completion of the purchase, the chief executive officer now directly owns 141,399 shares of the company’s stock, valued at approximately $16,160,491.71. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

LGND stock traded down $0.20 during mid-day trading on Friday, hitting $118.00. The company had a trading volume of 29,224 shares, compared to its average volume of 796,646. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of 18.73, a P/E/G ratio of 0.18 and a beta of 1.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 10.50 and a current ratio of 10.58. Ligand Pharmaceuticals Inc. has a 12 month low of $98.56 and a 12 month high of $278.62.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings data on Thursday, February 7th. The biotechnology company reported $1.70 EPS for the quarter, topping the consensus estimate of $1.22 by $0.48. The business had revenue of $59.59 million for the quarter, compared to analyst estimates of $52.58 million. Ligand Pharmaceuticals had a net margin of 57.00% and a return on equity of 26.00%. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.31 earnings per share. Analysts forecast that Ligand Pharmaceuticals Inc. will post 32.16 earnings per share for the current year.

A number of research analysts have weighed in on LGND shares. HC Wainwright reaffirmed a “buy” rating and issued a $254.00 price objective (down from $281.00) on shares of Ligand Pharmaceuticals in a research note on Wednesday, March 6th. TheStreet lowered shares of Ligand Pharmaceuticals from a “b-” rating to a “c+” rating in a research report on Wednesday, January 2nd. ValuEngine lowered shares of Ligand Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, January 15th. Argus reissued a “buy” rating and set a $150.00 price target (down from $200.00) on shares of Ligand Pharmaceuticals in a research report on Wednesday, February 13th. Finally, Zacks Investment Research lowered shares of Ligand Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Thursday, January 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. Ligand Pharmaceuticals presently has an average rating of “Buy” and an average price target of $210.57.

Hedge funds have recently made changes to their positions in the business. Exane Derivatives bought a new stake in Ligand Pharmaceuticals in the fourth quarter worth about $36,000. Pearl River Capital LLC purchased a new position in shares of Ligand Pharmaceuticals in the fourth quarter worth about $41,000. Jackson Grant Investment Advisers Inc. purchased a new position in shares of Ligand Pharmaceuticals in the third quarter worth about $137,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Ligand Pharmaceuticals in the fourth quarter worth about $68,000. Finally, Quantamental Technologies LLC purchased a new position in shares of Ligand Pharmaceuticals in the fourth quarter worth about $68,000.

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About Ligand Pharmaceuticals

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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