State of New Jersey Common Pension Fund D reduced its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 31.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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’s holdings in Ligand Pharmaceuticals were worth $18,210,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LGND. Tyers Asset Management LLC raised its position 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 valued at $110,000 after buying an additional 196 shares during the period. LS Investment Advisors LLC raised its position 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 valued at $127,000 after buying an additional 361 shares during the period. Flinton Capital Management LLC raised its position 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 valued at $133,000 after buying an additional 238 shares during the period. Strs Ohio raised its position in Ligand Pharmaceuticals by 225.0% in the second quarter. Strs Ohio now owns 1,300 shares of the biotechnology company’s stock valued at $157,000 after buying an additional 900 shares during the period. Finally, Independent Portfolio Consultants Inc. raised its position 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 valued at $165,000 after buying an additional 15 shares during the period.

Shares of Ligand Pharmaceuticals Incorporated (LGND) opened at 121.83 on Tuesday. The stock’s 50 day moving average price is $119.76 and its 200-day moving average price is $110.74. Ligand Pharmaceuticals Incorporated has a 12 month low of $87.50 and a 12 month high of $130.06. The stock’s market capitalization is $2.56 billion.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its earnings results on Monday, August 7th. The biotechnology company reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.21. The firm had revenue of $28 million during the quarter, compared to analyst estimates of $24.40 million. Ligand Pharmaceuticals had a negative net margin of 2.91% and a positive return on equity of 2.57%. The business’s revenue was up 43.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 EPS. Equities analysts forecast that Ligand Pharmaceuticals Incorporated will post $2.66 earnings per share for the current fiscal year.

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Several research analysts have commented on LGND shares. Roth Capital set a $120.00 price objective on Ligand Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, May 22nd. BidaskClub lowered Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Deutsche Bank AG reissued a “hold” rating and issued a $103.00 price objective (up from $100.00) on shares of Ligand Pharmaceuticals in a research report on Monday, July 17th. Zacks Investment Research raised Ligand Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 11th. Finally, ValuEngine raised Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, June 22nd. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $130.18.

In other Ligand Pharmaceuticals news, CEO John L. Higgins sold 4,666 shares of the business’s stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $120.00, for a total transaction of $559,920.00. Following the completion of the transaction, the chief executive officer now owns 143,837 shares of the company’s stock, valued at approximately $17,260,440. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Matthew W. Foehr sold 5,621 shares of the business’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $112.20, for a total transaction of $630,676.20. Following the transaction, the insider now directly owns 98,341 shares of the company’s stock, valued at approximately $11,033,860.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,534 shares of company stock valued at $6,694,514. Company 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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Institutional Ownership by Quarter for Ligand Pharmaceuticals (NASDAQ:LGND)

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