Principal Financial Group Inc. Increases Position in Ligand Pharmaceuticals Inc. (LGND)
Principal Financial Group Inc. increased its stake in shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 7.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 136,815 shares of the biotechnology company’s stock after buying an additional 9,412 shares during the period. Principal Financial Group Inc. owned about 0.66% of Ligand Pharmaceuticals worth $16,318,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. raised its position in Ligand Pharmaceuticals by 165.1% in the first quarter. BlackRock Inc. now owns 1,381 shares of the biotechnology company’s stock valued at $147,000 after buying an additional 860 shares during the period. Independent Portfolio Consultants Inc. raised its position in Ligand Pharmaceuticals by 1,410.0% in the second quarter. Independent Portfolio Consultants Inc. now owns 1,510 shares of the biotechnology company’s stock valued at $180,000 after buying an additional 1,410 shares during the period. Strs Ohio raised its position in Ligand Pharmaceuticals by 166.7% in the second quarter. Strs Ohio now owns 1,600 shares of the biotechnology company’s stock valued at $190,000 after buying an additional 1,000 shares during the period. Pinnacle Financial Partners Inc. bought a new position in Ligand Pharmaceuticals during the second quarter valued at about $205,000. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in Ligand Pharmaceuticals during the first quarter valued at about $207,000.
Shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) traded down 2.78% during midday trading on Thursday, reaching $98.46. The company’s stock had a trading volume of 43,844 shares. Ligand Pharmaceuticals Inc. has a 12-month low of $82.06 and a 12-month high of $139.79. The stock’s 50-day moving average price is $108.47 and its 200-day moving average price is $117.10. The company has a market cap of $2.05 billion, a P/E ratio of 9.28 and a beta of 1.23.
Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings results on Thursday, August 4th. The biotechnology company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.10. The firm had revenue of $19.50 million for the quarter, compared to the consensus estimate of $18.12 million. Ligand Pharmaceuticals had a return on equity of 11.64% and a net margin of 263.14%. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.81 EPS. On average, analysts expect that Ligand Pharmaceuticals Inc. will post $3.45 EPS for the current fiscal year.
Several research firms have issued reports on LGND. Roth Capital reiterated a “buy” rating and issued a $147.00 target price on shares of Ligand Pharmaceuticals in a research note on Saturday, July 9th. CJS Securities cut their target price on Ligand Pharmaceuticals from $130.00 to $125.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 28th. Zacks Investment Research lowered Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Craig Hallum lifted their target price on Ligand Pharmaceuticals from $150.00 to $160.00 in a research note on Wednesday. Finally, HC Wainwright reiterated a “buy” rating and issued a $160.00 target price (up previously from $146.00) on shares of Ligand Pharmaceuticals in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $139.25.
In related news, CEO John L. Higgins sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $117.34, for a total transaction of $352,020.00. Following the transaction, the chief executive officer now owns 122,664 shares in the company, valued at approximately $14,393,393.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John W. Kozarich sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $115.00, for a total value of $115,000.00. Following the transaction, the director now owns 39,983 shares in the company, valued at approximately $4,598,045. The disclosure for this sale can be found here. 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 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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