On June 19, 2023, Everence Capital Management Inc. announced that it had acquired a new stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND), a biopharmaceutical company that specializes in developing and acquiring technologies for discovering and developing medicines worldwide. The acquisition saw the fund purchase 2,760 shares of LGND’s stock valued at approximately $203,000.
Ligand Pharmaceuticals has commercial programs such as Kyprolis and Evomela which are used to treat multiple myeloma. Other offerings include Veklury for treating moderate or severe COVID-19; Teriparatide injection products for osteoporosis; Vaxneuvance for preventing invasive diseases caused by Streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.
A number of research analysts have weighed in on the value of Ligand Pharmaceuticals’ stock, with mixed opinions. On Thursday, May 4th, TheStreet raised its rating from a “c” rating to a “b” rating in a research report. Conversely, StockNews.com cut LGND from a “buy” rating to a “hold” rating just last Friday. As it stands today, Ligand Pharmaceuticals currently holds “Moderate Buy” consensus ratings with an average target price of $112.25 per share according to Bloomberg.
Everence Capital Management Inc.’s move into the biotechnology sector is demonstrating both its confidence in LGND’s potential and general bullishness on healthcare investing trends going forward.
The acquisition highlights how investment firms with large funds are eyeing stakes across various sectors including bio-tech industries due to their potential for significant returns on investment. COVID-19 treatment development and vaccine production represent one such opportunity within the healthcare industry that could drive substantial growth further down the pipeline.
As medical breakthroughs and research continue, Ligand Pharmaceuticals is poised to play an integral role in advancing healthcare technology. The firm’s efforts align with pharmaceutical industry growth trends, making stock options like LGND a promising investment opportunity for investors looking to tap into evolving healthcare industries as part of a well-diversified portfolio.
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Ligand Pharmaceuticals’ Impressive Earnings Forecast and Insider Selling Activity: A Look into the Biopharmaceutical Company’s Performance
Ligand Pharmaceuticals, a biopharmaceutical company specializing in developing and acquiring technologies to help drug companies discover and develop medicines worldwide, has been making waves with its impressive earnings forecast for the current year. Despite the impact of the pandemic, the company’s commercial programs such as Kyprolis and Evomela to treat multiple myeloma and Veklury for severe COVID-19 cases have pushed Ligand Pharmaceuticals closer to exceeding revenue expectations.
As a result, institutional investors and hedge funds, such as Monarch Partners Asset Management LLC and Lazard Asset Management LLC, both experienced increased holdings in shares of Ligand Pharmaceuticals recently. Principal Financial Group Inc., Calamos Advisors LLC, and Allspring Global Investments Holdings LLC also boosted their stake in the biotechnology company’s stock.
However, there has been some insider selling by Ligand Pharmaceuticals’ directors with Director Stephen L. Sabba offloading over 6,000 shares in May worth $494,249.04 while Director John W. Kozarich sold just over 4k shares worth $343,076.80.
On June 19, 2023 – NASDAQ LGND opened at $78.03 proving it’s steady but consistent growth within the industry when considering last year’s high was $109 a share.
Despite this selling activity by insiders of the company’s stocks on the open market as reported with their disclosures filed with SEC: Corporation finance analysts continue to hold strong expectations for Ligand Pharmaceutical’s overall performance due to outstanding Q1 results that exceeded analyst predictions; beating consensus estimates of $0.89/share by reporting an impressive $2.28 EPS announced on May 4th along with generated revenues totaling up to around $44 million for Q1 compared to analyst predictions of roughly 33 million dollars.
These achievements have led Wall street forecasts for upward trends pushing well above average price targets sporadically increasing throughout periods when sustaining this level of growth. These positive developments may be attributed to Ligand Pharmaceutical’s extensive portfolio with an established track record of research and development, industry-leading programs to advance drug discovery efforts and clinical trials involved in offering more efficient and safer treatments across numerous therapeutic areas.
With a market cap of $1.35 billion, a P/E ratio of 61.93 and a beta of 1.07, the company is on track to post 3.74 EPS for the current year.
In conclusion, Ligand Pharmaceuticals’ promising future in developing life-changing drugs has enticed both institutional investors and hedge funds alike, leading Wall Street investors calling Ligand Pharmaceutical’s target price above its average share recommendations by optimists citing that this potential will continue to grow at an accelerating rate within biotech industries.