King Luther Capital Management Corp cut its position in shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 4.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,090 shares of the biotechnology company’s stock after selling 880 shares during the period. King Luther Capital Management Corp owned 0.10% of Ligand Pharmaceuticals worth $5,515,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in LGND. Ibex Investors LLC purchased a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at about $216,000. Renaissance Technologies LLC grew its holdings in shares of Ligand Pharmaceuticals by 44.1% in the third quarter. Renaissance Technologies LLC now owns 754,219 shares of the biotechnology company’s stock valued at $207,026,000 after purchasing an additional 230,725 shares during the period. Tekla Capital Management LLC purchased a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at about $2,454,000. Columbia Partners L.L.C. Investment Management purchased a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at about $1,466,000. Finally, Axiom International Investors LLC DE grew its holdings in shares of Ligand Pharmaceuticals by 15.7% in the third quarter. Axiom International Investors LLC DE now owns 24,952 shares of the biotechnology company’s stock valued at $6,849,000 after purchasing an additional 3,387 shares during the period.
Shares of LGND stock opened at $145.61 on Friday. The company has a quick ratio of 2.19, a current ratio of 2.20 and a debt-to-equity ratio of 0.86. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 24.97, a P/E/G ratio of 1.30 and a beta of 1.49. Ligand Pharmaceuticals Inc. has a 1-year low of $131.42 and a 1-year high of $278.62.
Ligand Pharmaceuticals (NASDAQ:LGND) last announced its earnings results on Thursday, November 8th. The biotechnology company reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.29. The company had revenue of $45.66 million during the quarter, compared to analyst estimates of $41.99 million. Ligand Pharmaceuticals had a net margin of 73.78% and a return on equity of 26.17%. Ligand Pharmaceuticals’s revenue was up 36.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.69 earnings per share. Equities research analysts anticipate that Ligand Pharmaceuticals Inc. will post 5.91 earnings per share for the current fiscal year.
LGND has been the subject of a number of analyst reports. HC Wainwright upped their price objective on shares of Ligand Pharmaceuticals from $270.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, October 2nd. BidaskClub lowered shares of Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 4th. Argus set a $300.00 price objective on shares of Ligand Pharmaceuticals and gave the company a “buy” rating in a report on Tuesday, September 11th. They noted that the move was a valuation call. Goldman Sachs Group initiated coverage on shares of Ligand Pharmaceuticals in a report on Friday, August 17th. They issued a “neutral” rating and a $256.00 price objective for the company. Finally, Roth Capital raised shares of Ligand Pharmaceuticals from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $250.00 to $195.00 in a report on Monday, October 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $244.43.
In other Ligand Pharmaceuticals news, SVP Charles S. Berkman sold 2,813 shares of the stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $250.69, for a total transaction of $705,190.97. Following the completion of the transaction, the senior vice president now owns 30,576 shares of the company’s stock, valued at $7,665,097.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Matthew W. Foehr sold 12,000 shares of the stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $273.88, for a total transaction of $3,286,560.00. Following the transaction, the chief operating officer now directly owns 105,388 shares of the company’s stock, valued at approximately $28,863,665.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,813 shares of company stock valued at $5,314,326. 7.80% of the stock is currently owned by insiders.
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About Ligand Pharmaceuticals
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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