Shares of Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) have garnered a consensus rating of “Moderate Buy” from analysts covering the stock, according to MarketBeat Ratings. Of the seven analysts assessing Ligand, one has issued a hold rating while six have recommended a buy. The average one-year price target stands at $239.33, reflecting analysts’ positive outlook on the company’s performance.
Analyst reports indicate a growing interest in Ligand’s stock. For instance, on November 3, 2023, Oppenheimer raised its price objective from $190.00 to $250.00, designating the stock as “outperform.” Following suit, the Royal Bank of Canada adjusted its price target slightly up from $234.00 to $235.00, also labeling the stock as “outperform” in a report dated December 10, 2023.
In a notable shift, Citigroup initiated coverage on Ligand with a “buy” rating and set a price objective of $270.00 on December 9, 2023. HC Wainwright also increased its price target from $206.00 to $231.00 in a report published on November 6, 2023. While several analysts have exhibited confidence in Ligand’s potential, Weiss Ratings maintained a “hold (c)” rating in a note released on December 29, 2023.
Institutional Investment Trends
Recent trading activity reveals that institutional investors and hedge funds have been actively adjusting their positions in Ligand Pharmaceuticals. The Royal Bank of Canada increased its stake by 25.8% during the first quarter, now holding 6,120 shares valued at approximately $644,000. AQR Capital Management LLC also entered a new position in Ligand worth $344,000 during the same quarter.
MIRAE ASSET GLOBAL ETF HOLDINGS Ltd. expanded its holdings by 8.2%, now owning 10,660 shares worth about $1.12 million. Additionally, UBS AM, a distinct business unit of UBS Asset Management Americas LLC, grew its holdings by 9.8%, resulting in a total of 55,327 shares valued at approximately $5.82 million. Notably, Jane Street Group LLC increased its position by an impressive 176.2%, now owning 36,922 shares worth $3.88 million.
Currently, institutional investors and hedge funds control 91.28% of Ligand’s stock, indicating significant confidence in the company’s future prospects.
Stock Performance Overview
As of Friday, Ligand Pharmaceuticals’ shares opened at $186.32, reflecting a slight decline of 1.9%. The stock’s performance over the past year shows a twelve-month low of $93.58 and a high of $212.49. The company has a market capitalization of $3.67 billion and a price-to-earnings ratio of 90.01, suggesting a premium valuation relative to earnings.
Ligand maintains a current ratio of 24.69 and a quick ratio of 24.30, which indicates strong liquidity. Additionally, the company has a debt-to-equity ratio of 0.47, highlighting a conservative approach to leverage.
Ligand Pharmaceuticals is a biopharmaceutical enterprise that specializes in acquiring, developing, and out-licensing proprietary technologies aimed at enhancing drug discovery and development for pharmaceutical and biotechnology firms. The company operates primarily through its research services and royalty-generating segments, focusing on a diversified portfolio of technology platforms.
As analysts continue to monitor Ligand Pharmaceuticals, the consensus rating and price targets suggest a positive outlook, driven by both institutional support and projected growth in the biopharmaceutical sector.
