Engineers Gate Manager LP acquired a new stake in Ligand Pharmaceuticals Inc. (NASDAQ:LGND) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 26,259 shares of the biotechnology company’s stock, valued at approximately $7,208,000. Ligand Pharmaceuticals makes up approximately 0.6% of Engineers Gate Manager LP’s holdings, making the stock its 22nd largest position. Engineers Gate Manager LP owned about 0.12% of Ligand Pharmaceuticals as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Harvest Fund Management Co. Ltd bought a new stake in shares of Ligand Pharmaceuticals in the 3rd quarter valued at $280,000. Norris Perne & French LLP MI bought a new position in Ligand Pharmaceuticals during the 3rd quarter worth about $249,000. BKS Advisors LLC bought a new position in Ligand Pharmaceuticals during the 3rd quarter worth about $866,000. Sawtooth Solutions LLC bought a new position in Ligand Pharmaceuticals during the 3rd quarter worth about $248,000. Finally, Conestoga Capital Advisors LLC increased its holdings in Ligand Pharmaceuticals by 12.8% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 566,223 shares of the biotechnology company’s stock worth $155,423,000 after purchasing an additional 64,329 shares in the last quarter.
A number of equities analysts have issued reports on the company. BidaskClub cut Ligand Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, October 19th. HC Wainwright set a $280.00 target price on Ligand Pharmaceuticals and gave the stock a “buy” rating in a report on Monday, October 29th. Roth Capital reiterated a “neutral” rating on shares of Ligand Pharmaceuticals in a report on Wednesday, August 8th. They noted that the move was a valuation call. Craig Hallum increased their target price on Ligand Pharmaceuticals from $230.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. Finally, Stephens reiterated a “buy” rating and set a $248.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday, August 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $226.88.
Ligand Pharmaceuticals (NASDAQ:LGND) last released its earnings results on Monday, August 6th. The biotechnology company reported $2.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.34 by $0.25. The firm had revenue of $90.00 million during the quarter, compared to analysts’ expectations of $82.20 million. Ligand Pharmaceuticals had a return on equity of 25.95% and a net margin of 52.10%. The company’s revenue was up 221.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 EPS. As a group, sell-side analysts forecast that Ligand Pharmaceuticals Inc. will post 5.71 earnings per share for the current year.
In other news, CEO John L. Higgins sold 34,500 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $241.96, for a total value of $8,347,620.00. Following the completion of the transaction, the chief executive officer now owns 110,426 shares in the company, valued at approximately $26,718,674.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John W. Kozarich sold 2,500 shares of the firm’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $275.04, for a total value of $687,600.00. Following the completion of the transaction, the director now owns 26,142 shares of the company’s stock, valued at approximately $7,190,095.68. The disclosure for this sale can be found here. Insiders sold a total of 119,922 shares of company stock valued at $30,297,452 in the last 90 days. 7.80% of the stock is owned by corporate insiders.
Ligand Pharmaceuticals Profile
Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing and acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Promacta, an oral medicine that increases the number of platelets in the blood; Kyprolis and Evomela, which are used to treat multiple myeloma; Baxdela, a captisol-enabled delafloxacin-IV for the treatment of acute bacterial skin and skin structure infections; Nexterone, a captisol-enabled formulation of amiodarone; Noxafil-IV, a captisol-enabled formulation of posaconazole for IV use; Carnexiv, which is indicated as replacement therapy for oral carbamazepine formulations; bazedoxifene for the treatment of postmenopausal osteoporosis; commercial pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune diseases; Vivitra for breast cancer; and Bryxta for non-small cell lung cancer.
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