State of New Jersey Common Pension Fund D cut its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 31.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 150,000 shares of the biotechnology company’s stock after selling 70,000 shares during the period. State of New Jersey Common Pension Fund D owned about 0.71% of Ligand Pharmaceuticals worth $18,210,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. Tyers Asset Management LLC increased its stake in Ligand Pharmaceuticals by 23.3% in the first quarter. Tyers Asset Management LLC now owns 1,036 shares of the biotechnology company’s stock worth $110,000 after buying an additional 196 shares in the last quarter. LS Investment Advisors LLC increased its stake in Ligand Pharmaceuticals by 43.2% in the first quarter. LS Investment Advisors LLC now owns 1,197 shares of the biotechnology company’s stock worth $127,000 after buying an additional 361 shares in the last quarter. Flinton Capital Management LLC increased its stake in Ligand Pharmaceuticals by 23.3% in the first quarter. Flinton Capital Management LLC now owns 1,258 shares of the biotechnology company’s stock worth $133,000 after buying an additional 238 shares in the last quarter. Strs Ohio increased its stake in Ligand Pharmaceuticals by 225.0% in the second quarter. Strs Ohio now owns 1,300 shares of the biotechnology company’s stock worth $157,000 after buying an additional 900 shares in the last quarter. Finally, Independent Portfolio Consultants Inc. increased its stake in Ligand Pharmaceuticals by 1.0% in the first quarter. Independent Portfolio Consultants Inc. now owns 1,555 shares of the biotechnology company’s stock worth $165,000 after buying an additional 15 shares in the last quarter.
Ligand Pharmaceuticals Incorporated (NASDAQ LGND) opened at 121.83 on Tuesday. The company’s 50-day moving average price is $119.76 and its 200 day moving average price is $110.74. Ligand Pharmaceuticals Incorporated has a 1-year low of $87.50 and a 1-year high of $130.06. The firm’s market capitalization is $2.56 billion.
Ligand Pharmaceuticals (NASDAQ:LGND) last issued its earnings results on Monday, August 7th. The biotechnology company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.21. The business had revenue of $28 million for the quarter, compared to analyst estimates of $24.40 million. Ligand Pharmaceuticals had a positive return on equity of 2.57% and a negative net margin of 2.91%. The business’s quarterly revenue was up 43.6% on a year-over-year basis. During the same period last year, the company posted $0.50 EPS. On average, equities analysts anticipate that Ligand Pharmaceuticals Incorporated will post $2.66 EPS for the current year.
A number of equities research analysts have commented on LGND shares. Roth Capital set a $120.00 target price on Ligand Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, May 22nd. BidaskClub downgraded Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Deutsche Bank AG reiterated a “hold” rating and issued a $103.00 price objective (up previously from $100.00) on shares of Ligand Pharmaceuticals in a report on Monday, July 17th. Zacks Investment Research upgraded Ligand Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 11th. Finally, ValuEngine upgraded Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, June 22nd. Five investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $130.18.
In other Ligand Pharmaceuticals news, Director Jason Aryeh sold 37,247 shares of the firm’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $110.76, for a total value of $4,125,477.72. Following the transaction, the director now directly owns 58,959 shares of the company’s stock, valued at $6,530,298.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John L. Higgins sold 4,666 shares of the firm’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $120.00, for a total value of $559,920.00. Following the completion of the transaction, the chief executive officer now directly owns 143,837 shares in the company, valued at $17,260,440. The disclosure for this sale can be found here. Insiders sold a total of 59,534 shares of company stock worth $6,694,514 over the last ninety days. Corporate insiders own 14.70% of the company’s stock.
About Ligand Pharmaceuticals
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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