Shares of Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) have received a consensus rating of “Moderate Buy” from a group of seven analysts covering the stock, according to MarketBeat Ratings. Among these analysts, one has issued a hold rating while six have recommended buying the stock. The average price target for the next year stands at approximately $239.33, reflecting a positive outlook from market experts.
Analyst insights reveal a range of price targets. On November 3, 2023, Oppenheimer increased its price objective for Ligand shares from $190.00 to $250.00 and rated the stock as “outperform.” Shortly after, on December 10, 2023, the Royal Bank of Canada raised its price target from $234.00 to $235.00, also assigning an “outperform” rating. Notably, Citigroup initiated coverage on December 9, 2023, with a “buy” rating and a price objective of $270.00. Additionally, HC Wainwright revised their target from $206.00 to $231.00, maintaining a “buy” rating on November 6, 2023. Conversely, Weiss Ratings reaffirmed a “hold (c)” rating on December 29, 2023.
Institutional Investments in Ligand Pharmaceuticals
Recent trading activity indicates a shift among institutional investors regarding Ligand Pharmaceuticals. The Royal Bank of Canada increased its stake by 25.8% in the first quarter, now holding 6,120 shares valued at approximately $644,000 following an acquisition of an additional 1,256 shares. AQR Capital Management LLC also made a significant move by acquiring a new position in Ligand, worth $344,000.
Furthermore, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. expanded its position in Ligand by 8.2%, now owning 10,660 shares valued at around $1,121,000 after purchasing an additional 809 shares. UBS AM, a distinct business unit of UBS Asset Management Americas LLC, increased its holdings by 9.8%, bringing its total to 55,327 shares valued at approximately $5,817,000. Notably, Jane Street Group LLC raised its stake by an impressive 176.2%, now owning 36,922 shares valued at about $3,882,000. Currently, institutional investors and hedge funds collectively hold 91.28% of Ligand’s stock.
Current Stock Performance and Company Overview
As of the latest trading session, shares of Ligand Pharmaceuticals opened at $186.32. The stock has experienced a slight decline of 1.9%. Its 50-day moving average is $193.98, while the 200-day moving average stands at $183.38. Over the past year, Ligand’s stock has seen a low of $93.58 and a high of $212.49.
Ligand Pharmaceuticals holds a market capitalization of $3.67 billion, with a price-to-earnings ratio of 90.01 and a beta of 1.14. The company showcases solid liquidity with a current ratio of 24.69 and a quick ratio of 24.30, alongside a debt-to-equity ratio of 0.47.
Founded as a biopharmaceutical company, Ligand Pharmaceuticals is focused on acquiring, developing, and out-licensing proprietary technologies aimed at aiding pharmaceutical and biotechnology firms in discovering novel medicines. The firm operates primarily through its research services and royalty-generating sectors, emphasizing a diversified portfolio of technology platforms and strategic partnerships in advancing therapeutic candidates across various disease areas.
