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SmarTrend Watching for Potential Pullback in Shares of Ligand Pharm After 1.63% Gain

By Shiri Gupta

Ligand Pharm (NASDAQ:LGND) traded in a range yesterday that spanned from a low of $117.17 to a high of $118.21. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $117.22 on volume of 174,000 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, shares of Ligand Pharm have traded between a low of $98.56 and a high of $278.62 and are now at $118.21, which is 20% above that low price. The 200-day and 50-day moving averages have moved 0.63% lower and 1.18% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Ligand Pharm on November 13th, 2018 by issuing a Downtrend alert when the shares were trading at $152.60. Since that call, shares of Ligand Pharm have fallen 23.8%. 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