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Ligand Pharmaceuticals: The Winning Streak Continues (LGND)

Published on Wed, 06/12/2013 - 14:39
By Adrienne Chilton

Shares of Ligand Pharmaceuticals (NASDAQ:LGND) traded today at $32.85, breaking its 52-week high. So far today approximately 61,000 shares have been exchanged, as compared to an average 30-day volume of 224,000 shares.

In the past 52 weeks, shares of Ligand Pharmaceuticals have traded between a low of $12.30 and a high of $32.85 and are now at $31.73, which is 158% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.1% while the 50-day MA has advanced 1.2%.

Ligand Pharmaceuticals Incorporated develops drugs which regulate hormone activated intracellular receptors. These receptors play a role in regulating the genetic processes affecting diseases such as gynecological disorders, certain cancers, as well as cardiovascular, inflammatory, and skin diseases.

Ligand Pharmaceuticals (NASDAQ:LGND) has potential upside of 14.1% based on a current price of $31.73 and analysts' consensus price target of $36.20. The stock should discover initial support at its 50-day moving average (MA) of $27.43 and subsequent support at its 200-day MA of $21.43.

By Adrienne Chilton
achilton@fnno.com