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Shares of Ligand Pharmaceuticals Rise Above Previous 52-Week High

By David Diaz

Shares of Ligand Pharmaceuticals (NASDAQ:LGND) traded at a new 52-week high today of $113.60. Approximately 150,000 shares have changed hands today, as compared to an average 30-day volume of 326,000 shares.

Ligand Pharmaceuticals share prices have moved between a 52-week high of $113.60 and a 52-week low of $49.65 and are now trading 125% above that low price at $111.55 per share. The 200-day and 50-day moving averages have moved 0.68% higher and 1.19% higher over the past week, respectively.

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 has overhead space with shares priced $111.55, or 6.5% below the average consensus analyst price target of $119.25. The stock should find initial support at its 50-day moving average (MA) of $97.96 and further support at its 200-day MA of $91.87.

SmarTrend recommended that subscribers consider buying shares of Ligand Pharmaceuticals on October 16th, 2015 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $94.47. Since that recommendation, shares of Ligand Pharmaceuticals have risen 17.9%. 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