Ligand Pharmaceuticals is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, LGND crossed above the 200-day moving average, suggesting a long-term bullish trend.

The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.

LGND has rallied 19.1% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests LGND could be on the verge of another move higher.

Once investors consider LGND's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 2 higher, and the consensus estimate has increased as well.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on LGND for more gains in the near future.