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Shares of Ligand Pharmaceuticals Rise to a New 52-Week High

By David Diaz

Ligand Pharmaceuticals (NASDAQ:LGND) traded today at a new 52-week high of $99.82. So far today approximately 59,000 shares have been exchanged, as compared to an average 30-day volume of 437,000 shares.

Over the past year, Ligand Pharmaceuticals has traded in a range of $41.99 to $99.82 and is now at $99.40, 137% above that low. The 200-day and 50-day moving averages have moved 1.02% higher and 1.06% higher over the past week, respectively.

Ligand Pharmaceuticals (NASDAQ:LGND) is currently priced 17.7% above its average consensus analyst price target of $81.80. The stock should find initial support at its 50-day moving average (MA) of $87.23 and further support at its 200-day MA of $64.48.

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 May 11th, 2015 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $84.87. Since that recommendation, shares of Ligand Pharmaceuticals have risen 16.4%. 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