Janney Montgomery Scott LLC cut its stake in Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 22.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,451 shares of the biotechnology company’s stock after selling 702 shares during the period. Janney Montgomery Scott LLC’s holdings in Ligand Pharmaceuticals were worth $259,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of LGND. Russell Investments Group Ltd. bought a new stake in shares of Ligand Pharmaceuticals during the fourth quarter valued at $28,375,000. William Blair Investment Management LLC increased its stake in shares of Ligand Pharmaceuticals by 23.6% in the fourth quarter. William Blair Investment Management LLC now owns 1,214,647 shares of the biotechnology company’s stock valued at $123,420,000 after buying an additional 231,739 shares during the last quarter. Norges Bank bought a new stake in shares of Ligand Pharmaceuticals during the fourth quarter valued at $19,500,000. Hood River Capital Management LLC increased its stake in shares of Ligand Pharmaceuticals by 259.8% in the third quarter. Hood River Capital Management LLC now owns 156,585 shares of the biotechnology company’s stock valued at $15,981,000 after buying an additional 113,062 shares during the last quarter. Finally, Cardinal Capital Management LLC CT increased its stake in shares of Ligand Pharmaceuticals by 13.9% in the fourth quarter. Cardinal Capital Management LLC CT now owns 767,485 shares of the biotechnology company’s stock valued at $77,984,000 after buying an additional 93,635 shares during the last quarter.
Shares of Ligand Pharmaceuticals Inc. (NASDAQ LGND) traded up 0.27% during mid-day trading on Friday, reaching $114.89. The company’s stock had a trading volume of 426,552 shares. The stock’s market capitalization is $2.41 billion. Ligand Pharmaceuticals Inc. has a 12 month low of $87.50 and a 12 month high of $139.79. The company has a 50 day moving average price of $112.92 and a 200 day moving average price of $107.29.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Tuesday, May 9th. The biotechnology company reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by $0.16. The firm had revenue of $29.27 million for the quarter, compared to analyst estimates of $30.25 million. Ligand Pharmaceuticals had a return on equity of 5.71% and a net margin of 17.35%. The business’s revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.63 EPS. On average, equities research analysts anticipate that Ligand Pharmaceuticals Inc. will post $2.70 earnings per share for the current fiscal year.
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Several research firms recently commented on LGND. Roth Capital set a $120.00 price target on Ligand Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, May 22nd. Zacks Investment Research cut Ligand Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $130.47.
In related news, Director Jason Aryeh sold 37,247 shares of the stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $110.76, for a total value of $4,125,477.72. Following the completion of the transaction, the director now owns 58,959 shares of the company’s stock, valued at approximately $6,530,298.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO John L. Higgins sold 4,000 shares of the stock in a transaction that occurred on Monday, March 20th. The shares were sold at an average price of $109.10, for a total transaction of $436,400.00. Following the completion of the transaction, the chief executive officer now directly owns 139,171 shares of the company’s stock, valued at approximately $15,183,556.10. The disclosure for this sale can be found here. In the last three months, insiders sold 58,868 shares of company stock valued at $6,570,994. 14.70% of the stock is 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 is involved in the development and licensing of biopharmaceutical assets. 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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