H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Ligand Pharma (LGND) today and set a price target of $281. The company’s shares opened today at $110.31, close to its 52-week low of $98.56.
Pantginis commented:
“Our thesis not only remains intact, but continues to strengthen; follow the numbers. We continue to believe that the shares are unfairly depressed and represents a unique opportunity, even in these volatile markets. The source of fuel for Ligand’s business model has been the company’s value-based acquisitions of companies (e.g., Pharmacopeia and Metabasis) and acquisition of technology platforms (e.g., Captisol and OmniAb). In turn, these transactions have led to both current and anticipated revenue streams to the company.”
According to TipRanks.com, Pantginis is ranked 0 out of 5 stars with an average return of -20.4% and a 24.7% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Checkpoint Therapeutics Inc, and Iovance Biotherapeutics Inc.
Ligand Pharma has an analyst consensus of Strong Buy, with a price target consensus of $226.50.
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Ligand Pharma’s market cap is currently $2.32B and has a P/E ratio of 15.10. The company has a Price to Book ratio of 3.32.
Based on the recent corporate insider activity of 58 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LGND in relation to earlier this year. Earlier this month, Charles Berkman, the SVP, GC & Sec of LGND bought 2,850 shares for a total of $187,029.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Ligand Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in developing or acquiring technologies that help pharmaceutical companies discover and develop medicines. Its products include evomela, IV voriconazole, duavee, viviant/conbriza, nexterone, and noxafil-IV. The company was founded by Ronald M. Evans in 1987 and is headquartered in San Diego, CA.
