Summit Global Investments Sells 2,685 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Summit Global Investments lowered its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 12.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,397 shares of the biotechnology company’s stock after selling 2,685 shares during the period. Summit Global Investments owned about 0.11% of Ligand Pharmaceuticals worth $1,385,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Fisher Asset Management LLC raised its holdings in shares of Ligand Pharmaceuticals by 48.2% in the fourth quarter. Fisher Asset Management LLC now owns 49,297 shares of the biotechnology company’s stock valued at $3,521,000 after purchasing an additional 16,035 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Ligand Pharmaceuticals by 22.8% in the fourth quarter. Victory Capital Management Inc. now owns 21,385 shares of the biotechnology company’s stock valued at $1,527,000 after purchasing an additional 3,976 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Ligand Pharmaceuticals by 65.5% in the fourth quarter. Russell Investments Group Ltd. now owns 28,662 shares of the biotechnology company’s stock valued at $2,047,000 after purchasing an additional 11,345 shares during the last quarter. Acuitas Investments LLC purchased a new stake in shares of Ligand Pharmaceuticals in the fourth quarter valued at about $3,407,000. Finally, Cetera Trust Company N.A purchased a new stake in shares of Ligand Pharmaceuticals in the fourth quarter valued at about $157,000. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Trading Up 2.2 %

Shares of LGND stock traded up $1.58 during trading hours on Friday, reaching $73.90. The stock had a trading volume of 141,782 shares, compared to its average volume of 151,694. The stock’s fifty day simple moving average is $74.53 and its 200 day simple moving average is $68.57. Ligand Pharmaceuticals Incorporated has a 12 month low of $49.24 and a 12 month high of $94.57. The firm has a market capitalization of $1.31 billion, a PE ratio of 26.87 and a beta of 1.01.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings data on Tuesday, February 27th. The biotechnology company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.55. Ligand Pharmaceuticals had a net margin of 37.80% and a return on equity of 11.98%. The company had revenue of $28.10 million during the quarter, compared to analyst estimates of $24.54 million. As a group, equities research analysts anticipate that Ligand Pharmaceuticals Incorporated will post 3.41 EPS for the current fiscal year.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director Stephen L. Sabba sold 1,893 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $74.30, for a total transaction of $140,649.90. Following the completion of the sale, the director now directly owns 28,926 shares in the company, valued at $2,149,201.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 10.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Benchmark restated a “buy” rating and set a $95.00 price objective on shares of Ligand Pharmaceuticals in a report on Friday, April 12th. HC Wainwright restated a “buy” rating and set a $144.00 price objective on shares of Ligand Pharmaceuticals in a report on Thursday, February 29th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $116.33.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, engages in the development and licensing of biopharmaceutical assets worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; Filspari, a dual endothelin and angiotensin II receptor antagonist in development for rare kidney diseases and non-immunosuppressive treatment indicated for immunoglobulin A nephropathy; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.