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Rough Month: A Closer Look At Ligand's Fall From All-Time Highs

Ligand Pharmaceuticals Incorporated NASDAQ:LGND, iShares NASDAQ Biotechnology Index Fund NASDAQ:IBB - Rough Month: A Closer Look At Ligand's Fall From All-Time Highs

Shares of Mylan NV MYL 5.52% have tumbled 10 percent this week over concerns regarding its huge price increase for its Epipen product. The entire biotech sector crashed Wednesday, after Democratic Presidential nominee Hillary Clinton criticized the increase in EpiPen pricing.

This may have instigated the Street to seek out issues that also have outrageously priced drugs. One such issue is Ligand Pharmaceuticals Inc. LGND 5.34%.

Related Link: Biotechs Are Getting Crushed After Clinton And The White House Trash EpiPen Price Hike

The fledgling biotech company has only three main products, all of which it partners with other companies on. What may be catching the Street's attention is its multiple melanoma drug, Kyprolis, which sports a hefty price tag of $280,000 for a complete round of treatment.

The stock is quickly losing altitude.

The issue, which made its all-time high ($139.79) on August 1, is quickly approaching the $100 level. In fact, after making its all-time closing high that same day ($138.53), it has traded lower in 13 of its last 17 sessions.

Today's price action is particularly concerning to investors. After finding support at the $106 area over the last three sessions, the issue easily breached that level and is now changing hands at the $102 area. This marks the lowest level for the issue since it bottomed on March 30 at $103.20.

If that level is breached, there is no real identifiable support until the pair of lows at the $101 area from March 28 ($101.15) and March 29 ($100.81).

If the psychological $100 support level does not hold, the issue may tumble into double digits and revisit its March 24 low ($98.61).

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