JW Asset Management LLC Cuts Stake in Ligand Pharmaceuticals Incorporated (LGND)
JW Asset Management LLC cut its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 23.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,401 shares of the biotechnology company’s stock after selling 4,000 shares during the period. Ligand Pharmaceuticals accounts for 1.0% of JW Asset Management LLC’s portfolio, making the stock its 20th largest position. JW Asset Management LLC owned 0.06% of Ligand Pharmaceuticals worth $1,627,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. increased its position in Ligand Pharmaceuticals by 166,566.2% in the first quarter. BlackRock Inc. now owns 2,614,993 shares of the biotechnology company’s stock worth $276,770,000 after buying an additional 2,613,424 shares during the period. William Blair Investment Management LLC increased its position in Ligand Pharmaceuticals by 42.3% in the first quarter. William Blair Investment Management LLC now owns 1,728,178 shares of the biotechnology company’s stock worth $182,910,000 after buying an additional 513,531 shares during the period. Russell Investments Group Ltd. increased its position in Ligand Pharmaceuticals by 38.2% in the second quarter. Russell Investments Group Ltd. now owns 372,465 shares of the biotechnology company’s stock worth $45,217,000 after buying an additional 102,892 shares during the period. Renaissance Technologies LLC purchased a new position in Ligand Pharmaceuticals during the first quarter worth approximately $10,702,000. Finally, Gotham Asset Management LLC increased its position in Ligand Pharmaceuticals by 246.7% in the first quarter. Gotham Asset Management LLC now owns 117,749 shares of the biotechnology company’s stock worth $12,463,000 after buying an additional 83,784 shares during the period.
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) opened at 126.33 on Monday. The firm has a market capitalization of $2.66 billion, a P/E ratio of 308.12 and a beta of 0.96. The firm has a 50-day moving average price of $122.18 and a 200-day moving average price of $112.68. Ligand Pharmaceuticals Incorporated has a 52 week low of $87.50 and a 52 week high of $129.94.
Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings data on Monday, August 7th. The biotechnology company reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.42. Ligand Pharmaceuticals had a return on equity of 5.05% and a net margin of 7.39%. The firm had revenue of $28 million for the quarter, compared to the consensus estimate of $24.40 million. During the same quarter last year, the business posted $0.50 earnings per share. The firm’s revenue was up 43.6% compared to the same quarter last year. Equities analysts forecast that Ligand Pharmaceuticals Incorporated will post $2.95 EPS for the current year.
LGND has been the subject of a number of research reports. Zacks Investment Research downgraded Ligand Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday, May 15th. BidaskClub downgraded Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Deutsche Bank AG reiterated a “hold” rating and issued a $103.00 price target (up from $100.00) on shares of Ligand Pharmaceuticals in a research note on Monday, July 17th. 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. Finally, ValuEngine upgraded Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, June 22nd. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Ligand Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $133.71.
In related news, insider Matthew W. Foehr sold 6,100 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $127.51, for a total transaction of $777,811.00. Following the transaction, the insider now owns 101,020 shares in the company, valued at $12,881,060.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO John L. Higgins sold 4,666 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $120.00, for a total value of $559,920.00. Following the transaction, the chief executive officer now owns 143,837 shares in the company, valued at approximately $17,260,440. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,874 shares of company stock worth $5,766,176. 14.70% of the stock is currently owned by company 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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