Alps Advisors Inc. boosted its position in Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 24.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,320 shares of the biotechnology company’s stock after buying an additional 6,545 shares during the period. Alps Advisors Inc.’s holdings in Ligand Pharmaceuticals were worth $3,974,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of LGND. BlackRock Inc. increased its position in shares of Ligand Pharmaceuticals by 165.1% in the first quarter. BlackRock Inc. now owns 1,381 shares of the biotechnology company’s stock worth $147,000 after buying an additional 860 shares during the period. Independent Portfolio Consultants Inc. increased its position in Ligand Pharmaceuticals by 1,410.0% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,510 shares of the biotechnology company’s stock worth $180,000 after buying an additional 1,410 shares during the last quarter. Strs Ohio increased its position in Ligand Pharmaceuticals by 166.7% in the second quarter. Strs Ohio now owns 1,600 shares of the biotechnology company’s stock worth $190,000 after buying an additional 1,000 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in Ligand Pharmaceuticals during the first quarter worth about $207,000. Finally, Miles Capital Inc. bought a new position in Ligand Pharmaceuticals during the first quarter worth about $252,000.
Shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) traded up 2.81% during mid-day trading on Wednesday, reaching $102.44. 822,891 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $110.53 and a 200 day moving average of $117.10. Ligand Pharmaceuticals Inc. has a one year low of $81.13 and a one year high of $139.79. The firm has a market capitalization of $2.14 billion, a P/E ratio of 9.66 and a beta of 1.27.
Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Thursday, August 4th. The biotechnology company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.10. Ligand Pharmaceuticals had a net margin of 263.14% and a return on equity of 11.64%. The business had revenue of $19.50 million for the quarter, compared to analysts’ expectations of $18.12 million. During the same period last year, the business earned $1.81 earnings per share. The business’s quarterly revenue was up 6.0% on a year-over-year basis. On average, analysts forecast that Ligand Pharmaceuticals Inc. will post $3.45 EPS for the current fiscal year.
LGND has been the topic of a number of research reports. Roth Capital reiterated a “buy” rating and set a $149.00 target price on shares of Ligand Pharmaceuticals in a research report on Sunday, August 14th. Zacks Investment Research downgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Vetr upgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating and set a $128.29 target price on the stock in a research report on Wednesday, August 10th. Finally, Deutsche Bank AG upgraded shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating and dropped their target price for the company from $110.00 to $105.00 in a research report on Wednesday, September 7th. They noted that the move was a valuation call. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $136.33.
In other news, CEO John L. Higgins sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $117.34, for a total value of $352,020.00. Following the transaction, the chief executive officer now owns 122,664 shares in the company, valued at $14,393,393.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John W. Kozarich sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $121.40, for a total transaction of $121,400.00. Following the completion of the transaction, the director now owns 42,883 shares in the company, valued at approximately $5,205,996.20. The disclosure for this sale can be found here. Company insiders own 14.70% of the company’s stock.
Ligand Pharmaceuticals Company Profile
Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.
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