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Ligand Pharm Rises 5.11% on Heavy Volume: Watch For Potential Pullback

By James Quinn

Ligand Pharm (NASDAQ:LGND) traded in a range yesterday that spanned from a low of $164.00 to a high of $183.67. Yesterday, the shares gained 5.1%, which took the trading range above the 3-day high of $169.83 on volume of 755,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that its subscribers protect gains by selling shares of Ligand Pharm on October 8th, 2018 by issuing a Downtrend alert when the shares were trading at $250.70. Since that call, shares of Ligand Pharm have fallen 35.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Over the past year, Ligand Pharm has traded in a range of $126.50 to $278.62 and is now at $171.58, 36% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 2.4%.

Keywords: rebounders ligand pharm

Ticker(s): LGND