What just happened? Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) stock value has climbed by nearly 6.44% or (5.91 points) to $97.71 from its previous close of $91.8. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 288496 contracts so far this session. LGND shares had a relatively better volume day versus average trading capacity of 392.75 thousand shares, but with a 18.32 million float and a 4.25% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for LGND stock indicates that the average analyst price target is $191.8 per share. This means the stock has a potential increase of 96.3% from where the LGND share price has been trading recently which is between $89.57 and $92.37. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $110.
The shorts are climbing into Ligand Pharmaceuticals Incorporated (LGND) stock. The latest set of short interest data was released on 15 August 2019, and the numbers show a rise in short interest in LGND shares. While short interest still represents only 36.5% of LGND’s float, the number of shares shorted have risen by 384220. The number of shares shorted advanced to 6685136 shares, up from 6300916 shares during the preceding fortnight. With average daily trading volumes at 468784 shares, days to cover increased to about 13.90777 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Ligand Pharmaceuticals approves new $500 million stock buyback program” and dated September 12, 2019.
During the recent trading session for Ligand Pharmaceuticals Incorporated (NASDAQ:LGND), the company witnessed their stock rise $6.61 over a week and surge $2.51 from the price 20 days ago. When compared to their established 52-week high of $278.62, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 01/10/18. The recent low of $84.45 stood for a -64.93% since 10/09/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.27 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Ligand Pharmaceuticals Incorporated, the two-week RSI stands at 54.94. This figure suggests that LGND stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current LGND readings is similarly very revealing as it has a stochastic reading of 62.28% at this stage. This figure means that LGND share price today is being neutral.
Technical chart claims that Ligand Pharmaceuticals Incorporated (LGND) would settle between $92.92/share to $94.05/share level. However, if the stock price goes below the $90.12 mark, then the market for Ligand Pharmaceuticals Incorporated becomes much weaker. If that happens, the stock price might even plunge as low as $88.45 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 2.95. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Barclays, assumed coverage of LGND assigning Equal Weight rating, according to their opinion released on June 11. H.C. Wainwright analysts again handed out a Buy recommendation to Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) stock but they lifted target price for the shares in a flash note issued to investors on May 03. The target price has been raised from $254 to $214. Analysts at H.C. Wainwright are sticking to their Buy stance. However, on March 06, they lifted price target for these shares to $254 from $281.
LGND equity has an average rating of 1.67, with the figure leaning towards a bullish end. 3 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 2 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 2 analysts rated Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, LGND stock price is currently trading at 24.74X forward 12-month Consensus EPS estimates, and its P/E ratio is 18.89 while for the average stock in the same group, the multiple is -6.49. Ligand Pharmaceuticals Incorporated current P/B ratio of 1.73 means it is trading at a discount against its industry’s 3.44.
Ligand Pharmaceuticals Incorporated (LGND)’s current-quarter revenues are projected to climb by nearly -49.28% to hit $23.16 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -52.84% from $251450 to a noteworthy $118590. At the other end of the current quarter income statement, Ligand Pharmaceuticals Incorporated is expected to see its adjusted earnings surge by roughly -50.76% to hit $0.65 per share. For the fiscal year, LGND’s earnings are projected to climb by roughly -54.55% to hit $3.25 per share.