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Recent 52-Week High Exceeded in Shares of Ligand Pharmaceuticals (LGND)

By James Quinn

Shares of Ligand Pharmaceuticals (NASDAQ:LGND) traded today at $138.77, breaking its 52-week high. Approximately 119,000 shares have changed hands today, as compared to an average 30-day volume of 427,000 shares.

Ligand Pharmaceuticals share prices have moved between a 52-week high of $138.77 and a 52-week low of $71.63 and are now trading 92% above that low price at $137.43 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 2.1%.

Based on a current price of $137.43, Ligand Pharmaceuticals is currently 13.2% above its average consensus analyst price target of $119.25. The stock should find initial support at its 50-day moving average (MA) of $110.59 and further support at its 200-day MA of $100.59.

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.

SmarTrend recommended that subscribers consider buying shares of Ligand Pharmaceuticals on June 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $119.85. Since that recommendation, shares of Ligand Pharmaceuticals have risen 12.7%. We continue to monitor LGND for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows ligand pharmaceuticals

Ticker(s): LGND