Alliancebernstein L.P. Reduces Position in Ligand Pharmaceuticals Inc. (LGND)
Alliancebernstein L.P. lessened its holdings in shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 0.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,409 shares of the biotechnology company’s stock after selling 300 shares during the period. Alliancebernstein L.P.’s holdings in Ligand Pharmaceuticals were worth $12,739,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in LGND. Raymond James Financial Services Advisors Inc. grew its stake in Ligand Pharmaceuticals by 25.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 1,742 shares of the biotechnology company’s stock valued at $361,000 after acquiring an additional 358 shares in the last quarter. First Trust Advisors LP grew its stake in Ligand Pharmaceuticals by 81.5% during the 2nd quarter. First Trust Advisors LP now owns 22,760 shares of the biotechnology company’s stock valued at $4,715,000 after acquiring an additional 10,217 shares in the last quarter. Alps Advisors Inc. grew its stake in Ligand Pharmaceuticals by 8.8% during the 2nd quarter. Alps Advisors Inc. now owns 30,784 shares of the biotechnology company’s stock valued at $6,378,000 after acquiring an additional 2,479 shares in the last quarter. State of Wisconsin Investment Board grew its stake in Ligand Pharmaceuticals by 4.9% during the 2nd quarter. State of Wisconsin Investment Board now owns 21,300 shares of the biotechnology company’s stock valued at $4,413,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Ligand Pharmaceuticals during the 2nd quarter valued at about $934,000.
In other news, SVP Charles S. Berkman sold 2,813 shares of the stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $250.69, for a total value of $705,190.97. Following the completion of the sale, the senior vice president now owns 30,576 shares of the company’s stock, valued at approximately $7,665,097.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Todd C. Davis sold 2,500 shares of the stock in a transaction that occurred on Monday, October 8th. The shares were sold at an average price of $253.99, for a total transaction of $634,975.00. Following the completion of the sale, the director now directly owns 42,556 shares of the company’s stock, valued at approximately $10,808,798.44. The disclosure for this sale can be found here. In the last three months, insiders sold 19,813 shares of company stock valued at $5,314,326. Corporate insiders own 7.80% of the company’s stock.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Thursday, November 8th. The biotechnology company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.29. Ligand Pharmaceuticals had a net margin of 73.78% and a return on equity of 26.17%. The business had revenue of $45.66 million during the quarter, compared to analysts’ expectations of $41.99 million. During the same quarter in the prior year, the company posted $0.69 EPS. The business’s revenue for the quarter was up 36.8% on a year-over-year basis. As a group, equities analysts forecast that Ligand Pharmaceuticals Inc. will post 5.91 earnings per share for the current fiscal year.
Several analysts recently issued reports on the stock. 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 research note on Tuesday, October 2nd. BidaskClub cut shares of Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 4th. 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, September 11th. They noted that the move was a valuation call. Goldman Sachs Group assumed 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 for the company. Finally, ValuEngine cut shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, October 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Ligand Pharmaceuticals currently has a consensus rating of “Hold” and an average target price of $244.43.
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Ligand Pharmaceuticals 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.
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