Ligand Pharmaceuticals (LGND) was Smart Insider's stock pick of the week after the company's Chief Executive Todd Davis bought $1 million worth of Ligand Pharmaceuticals' shares on May 9 at $105.20 apiece, raising his ownership by 6%.
Davis last bought the shares for $97.39 apiece in August, and it's "very encouraging" that the CEO is now making his "largest" purchase, Smart Insider said in a Tuesday note.
Davis' purchase is over four times "larger" than any purchase he made and follows stock price "strength," as he has an "excellent record as both a buyer and seller."
Chief Financial Officer Octavio Espinoza also purchased $156,000 worth of company shares on the same day, the note added.
This was Espinoza's first purchase of stock and a reversal from a sale at $116.37 per share two months earlier, the note said.
"This is also a notable trade," Smart Insider said.
Smart Insider ranked the stock +1, or strongly positive signal, on Wednesday.
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