Zacks Investment Management purchased a new stake in Ligand Pharmaceuticals Inc. (NASDAQ:LGND) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 8,941 shares of the biotechnology company’s stock, valued at approximately $1,852,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Federated Investors Inc. PA lifted its stake in Ligand Pharmaceuticals by 293.4% in the second quarter. Federated Investors Inc. PA now owns 65,639 shares of the biotechnology company’s stock valued at $13,598,000 after buying an additional 48,953 shares in the last quarter. Sei Investments Co. lifted its stake in Ligand Pharmaceuticals by 83.4% in the second quarter. Sei Investments Co. now owns 25,061 shares of the biotechnology company’s stock valued at $5,193,000 after buying an additional 11,395 shares in the last quarter. Amalgamated Bank lifted its stake in Ligand Pharmaceuticals by 15.5% in the second quarter. Amalgamated Bank now owns 3,417 shares of the biotechnology company’s stock valued at $708,000 after buying an additional 458 shares in the last quarter. Congress Asset Management Co. MA lifted its stake in Ligand Pharmaceuticals by 4.9% in the second quarter. Congress Asset Management Co. MA now owns 21,845 shares of the biotechnology company’s stock valued at $4,526,000 after buying an additional 1,012 shares in the last quarter. Finally, Stevens Capital Management LP bought a new position in Ligand Pharmaceuticals in the second quarter valued at approximately $647,000.

NASDAQ LGND opened at $254.79 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.32 and a current ratio of 2.34. Ligand Pharmaceuticals Inc. has a 12-month low of $126.50 and a 12-month high of $261.33. The company has a market capitalization of $5.41 billion, a PE ratio of 99.14, a price-to-earnings-growth ratio of 1.79 and a beta of 0.99.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Monday, August 6th. The biotechnology company reported $2.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.34 by $0.25. Ligand Pharmaceuticals had a net margin of 52.10% and a return on equity of 25.95%. The company had revenue of $90.00 million for the quarter, compared to the consensus estimate of $82.20 million. During the same period last year, the company earned $0.67 earnings per share. The firm’s revenue was up 221.4% compared to the same quarter last year. analysts predict that Ligand Pharmaceuticals Inc. will post 5.74 EPS for the current fiscal year.

In other news, Director Todd C. Davis sold 9,000 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $239.78, for a total value of $2,158,020.00. Following the sale, the director now directly owns 44,806 shares in the company, valued at $10,743,582.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John L. Higgins sold 34,500 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $241.96, for a total transaction of $8,347,620.00. Following the completion of the sale, the chief executive officer now owns 110,426 shares in the company, valued at $26,718,674.96. The disclosure for this sale can be found here. Insiders sold 102,609 shares of company stock worth $25,501,826 over the last quarter. 7.80% of the stock is owned by corporate insiders.

A number of brokerages have weighed in on LGND. Argus set a $300.00 price target on shares of Ligand Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday. They noted that the move was a valuation call. Goldman Sachs Group began coverage on shares of Ligand Pharmaceuticals in a research note on Friday, August 17th. They issued a “neutral” rating and a $256.00 price target on the stock. Roth Capital reaffirmed a “neutral” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 8th. They noted that the move was a valuation call. Stephens reaffirmed a “buy” rating and issued a $248.00 price target on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $249.00 price target on shares of Ligand Pharmaceuticals in a research note on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $220.00.

Ligand Pharmaceuticals Company Profile

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.

Further Reading: NASDAQ

Institutional Ownership by Quarter for Ligand Pharmaceuticals (NASDAQ:LGND)

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