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Shares of Ligand Pharmaceuticals Receive a Boost, Up 2.0%

Published on Fri, 03/22/2013 - 12:19
By Mallory Stone

Ligand Pharmaceuticals (NASDAQ:LGND) is one of today's biggest movers, up 2.0% to $24.90. The S&P is currently trading 0.5% higher to 1,554 and the Dow Jones Industrial Average is trading 0.5% higher to 14,492.

Ligand Pharmaceuticals has overhead space with shares priced $24.90, or 12.9% below the average consensus analyst price target of $28.60. The stock should find initial support at its 50-day moving average (MA) of $21.14 and further support at its 200-day MA of $18.37.

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.

Over the past year, Ligand Pharmaceuticals has traded in a range of $11.21 to $25.02 and is now at $24.90, 122% above that low. Over the past week, the 200-day moving average (MA) has gone up 1.3% while the 50-day MA has advanced 1.6%.

By Mallory Stone