Comerica Bank decreased its holdings in shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 6.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,284 shares of the biotechnology company’s stock after selling 2,072 shares during the period. Comerica Bank owned approximately 0.14% of Ligand Pharmaceuticals worth $5,535,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. First Hawaiian Bank acquired a new position in Ligand Pharmaceuticals during the third quarter worth $131,000. Pennsylvania Trust Co acquired a new position in Ligand Pharmaceuticals during the third quarter worth $210,000. NewSquare Capital LLC acquired a new position in Ligand Pharmaceuticals during the third quarter worth $236,000. Sawtooth Solutions LLC acquired a new position in Ligand Pharmaceuticals during the third quarter worth $248,000. Finally, Norris Perne & French LLP MI bought a new stake in shares of Ligand Pharmaceuticals in the 3rd quarter worth $249,000.
Several research firms have recently issued reports on LGND. HC Wainwright set a $245.00 target price on shares of Ligand Pharmaceuticals and gave the stock a “buy” rating in a research note on Wednesday, July 18th. Roth Capital reiterated a “neutral” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 8th. They noted that the move was a valuation call. Craig Hallum upped their target price on shares of Ligand Pharmaceuticals from $230.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, August 7th. BidaskClub lowered shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, October 12th. Finally, ValuEngine lowered shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, October 11th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Ligand Pharmaceuticals currently has an average rating of “Hold” and an average target price of $227.00.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its earnings results on Thursday, November 8th. The biotechnology company reported $1.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.29. Ligand Pharmaceuticals had a net margin of 73.78% and a return on equity of 26.17%. The firm had revenue of $45.66 million during the quarter, compared to analyst estimates of $41.99 million. During the same quarter in the prior year, the business posted $0.69 EPS. The business’s revenue was up 36.8% compared to the same quarter last year. Analysts forecast that Ligand Pharmaceuticals Inc. will post 5.71 earnings per share for the current fiscal year.
In related news, CEO John L. Higgins sold 34,500 shares of the stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $241.96, for a total transaction 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 $26,718,674.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Todd C. Davis sold 2,500 shares of the stock in a transaction dated Monday, October 8th. The shares were sold at an average price of $253.99, for a total transaction of $634,975.00. Following the transaction, the director now owns 42,556 shares of the company’s stock, valued at approximately $10,808,798.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 119,922 shares of company stock valued at $30,297,452. 7.80% of the stock is owned by company insiders.
Ligand Pharmaceuticals Company 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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