Hsbc Holdings PLC Acquires New Position in Ligand Pharmaceuticals Incorporated $LGND

Hsbc Holdings PLC bought a new position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) during the first quarter, Holdings Channel.com reports. The fund bought 3,455 shares of the biotechnology company’s stock, valued at approximately $690,000.

A number of other institutional investors have also modified their holdings of LGND. UBS Group AG raised its stake in Ligand Pharmaceuticals by 27.8% in the fourth quarter. UBS Group AG now owns 143,067 shares of the biotechnology company’s stock valued at $27,050,000 after purchasing an additional 31,081 shares in the last quarter. Legato Capital Management LLC grew its stake in Ligand Pharmaceuticals by 61.0% in the 4th quarter. Legato Capital Management LLC now owns 26,241 shares of the biotechnology company’s stock worth $4,961,000 after buying an additional 9,944 shares in the last quarter. Fisher Asset Management LLC grew its stake in Ligand Pharmaceuticals by 20.1% in the 4th quarter. Fisher Asset Management LLC now owns 130,858 shares of the biotechnology company’s stock worth $24,741,000 after buying an additional 21,932 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Ligand Pharmaceuticals by 115.9% in the 4th quarter. Franklin Resources Inc. now owns 496,160 shares of the biotechnology company’s stock worth $93,809,000 after buying an additional 266,304 shares during the last quarter. Finally, Future Fund LLC bought a new position in shares of Ligand Pharmaceuticals in the 4th quarter worth $1,755,000. 91.28% of the stock is owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Price Performance

Shares of Ligand Pharmaceuticals stock opened at $296.29 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 20.95 and a current ratio of 21.28. Ligand Pharmaceuticals Incorporated has a 52-week low of $129.55 and a 52-week high of $326.63. The company has a fifty day moving average of $278.38 and a 200-day moving average of $231.36. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of 40.20, a price-to-earnings-growth ratio of 2.85 and a beta of 1.10.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its earnings results on Thursday, May 7th. The biotechnology company reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.21). The business had revenue of $51.72 million during the quarter, compared to analysts’ expectations of $59.10 million. Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.Ligand Pharmaceuticals’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.33 EPS. Equities research analysts expect that Ligand Pharmaceuticals Incorporated will post 4.56 EPS for the current year.

Insider Activity

In other news, Director John L. Lamattina sold 4,591 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $250.88, for a total value of $1,151,790.08. Following the completion of the sale, the director owned 26,969 shares of the company’s stock, valued at approximately $6,765,982.72. The trade was a 14.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jason Aryeh sold 4,500 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $250.00, for a total value of $1,125,000.00. Following the sale, the director owned 102,580 shares of the company’s stock, valued at $25,645,000. This represents a 4.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 30,231 shares of company stock valued at $7,754,451. Company insiders own 5.60% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on LGND shares. HC Wainwright lifted their price objective on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Stifel Nicolaus increased their target price on Ligand Pharmaceuticals from $255.00 to $332.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Royal Bank Of Canada raised their price target on Ligand Pharmaceuticals from $262.00 to $340.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Bank of America lifted their price target on Ligand Pharmaceuticals from $266.00 to $388.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. Finally, Citigroup initiated coverage on Ligand Pharmaceuticals in a report on Tuesday, July 21st. They issued a “buy” rating and a $387.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Ligand Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $319.00.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.