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Look for Shares of Ligand Pharm to Potentially Pullback after Yesterday's 8.39% Rise

By Amy Schwartz

Ligand Pharm (NASDAQ:LGND) traded in a range yesterday that spanned from a low of $93.36 to a high of $99.50. Yesterday, the shares gained 8.4%, which took the trading range above the 3-day high of $92.19 on volume of 610,000 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 $84.45 and a high of $278.62 and are now at $99.04, 17% above that low price. The 200-day and 50-day moving averages have moved 1.04% lower and 1.74% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Ligand Pharm on May 10th, 2019 by issuing a Downtrend alert when the shares were trading at $116.57. Since that call, shares of Ligand Pharm have fallen 21.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders ligand pharm

Ticker(s): LGND