Prudential Financial Inc. increased its position in shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 7.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 93,900 shares of the biotechnology company’s stock after buying an additional 6,703 shares during the period. Prudential Financial Inc. owned approximately 0.45% of Ligand Pharmaceuticals worth $11,199,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Fund Advisors increased its position in shares of Ligand Pharmaceuticals by 1.8% in the first quarter. BlackRock Fund Advisors now owns 1,377,004 shares of the biotechnology company’s stock worth $147,463,000 after buying an additional 23,969 shares during the period. William Blair Investment Management LLC increased its position in shares of Ligand Pharmaceuticals by 2.1% in the second quarter. William Blair Investment Management LLC now owns 1,255,277 shares of the biotechnology company’s stock worth $149,717,000 after buying an additional 25,825 shares during the period. State Street Corp increased its position in shares of Ligand Pharmaceuticals by 10.1% in the first quarter. State Street Corp now owns 699,788 shares of the biotechnology company’s stock worth $74,940,000 after buying an additional 64,410 shares during the period. 1832 Asset Management L.P. bought a new position in shares of Ligand Pharmaceuticals during the first quarter worth $80,340,000. Finally, Ameriprise Financial Inc. increased its position in shares of Ligand Pharmaceuticals by 4.5% in the second quarter. Ameriprise Financial Inc. now owns 406,729 shares of the biotechnology company’s stock worth $48,435,000 after buying an additional 17,402 shares during the period.
Shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) traded up 0.38% during mid-day trading on Tuesday, hitting $102.20. 31,230 shares of the stock traded hands. The firm has a 50 day moving average of $109.12 and a 200 day moving average of $117.21. Ligand Pharmaceuticals Inc. has a 12 month low of $81.79 and a 12 month high of $139.79. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 9.64 and a beta of 1.23.
Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings data on Thursday, August 4th. The biotechnology company reported $0.50 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $19.50 million for the quarter, compared to the consensus estimate of $18.12 million. During the same quarter in the previous year, the firm earned $1.81 EPS. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, equities analysts expect that Ligand Pharmaceuticals Inc. will post $3.45 EPS for the current fiscal year.
LGND has been the topic of several recent research reports. Roth Capital reiterated a “buy” rating and issued a $149.00 price target 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 price target 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 decreased their price target for the stock from $110.00 to $105.00 in a research report on Wednesday, September 7th. They noted that the move was a valuation call. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. Ligand Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $136.33.
In other Ligand Pharmaceuticals news, Director John W. Kozarich sold 1,666 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $105.40, for a total transaction of $175,596.40. Following the sale, the director now owns 40,783 shares of the company’s stock, valued at approximately $4,298,528.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO John L. Higgins sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $117.34, for a total transaction of $352,020.00. Following the sale, the chief executive officer now directly owns 122,664 shares in the company, valued at approximately $14,393,393.76. The disclosure for this sale can be found here. 14.70% of the stock is currently owned by insiders.
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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