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Look for Shares of Ligand Pharm to Potentially Pullback after Yesterday's 3.41% Rise

By James Quinn

Ligand Pharm (NASDAQ:LGND) traded in a range yesterday that spanned from a low of $218.00 to a high of $226.35. Yesterday, the shares gained 3.4%, which took the trading range above the 3-day high of $219.27 on volume of 199,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, Ligand Pharm share prices have been bracketed by a low of $115.40 and a high of $226.35 and are now at $223.42, 94% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.9%.

SmarTrend is tracking the current trend status for Ligand Pharm and will alert subscribers who have LGND in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders ligand pharm

Ticker(s): LGND