Pier 88 Investment Partners LLC Makes New $1.28 Million Investment in Ligand Pharmaceuticals Incorporated $LGND

Pier 88 Investment Partners LLC acquired a new position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) in the 3rd quarter, HoldingsChannel reports. The firm acquired 7,200 shares of the biotechnology company’s stock, valued at approximately $1,275,000.

Several other hedge funds also recently modified their holdings of LGND. Massachusetts Financial Services Co. MA raised its position in Ligand Pharmaceuticals by 59.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 541,845 shares of the biotechnology company’s stock valued at $95,982,000 after buying an additional 202,103 shares during the last quarter. Ranger Investment Management L.P. grew its stake in shares of Ligand Pharmaceuticals by 57.8% in the 2nd quarter. Ranger Investment Management L.P. now owns 300,025 shares of the biotechnology company’s stock worth $34,107,000 after acquiring an additional 109,935 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Ligand Pharmaceuticals by 42.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 108,424 shares of the biotechnology company’s stock valued at $19,416,000 after purchasing an additional 32,379 shares during the last quarter. Invesco Ltd. lifted its position in shares of Ligand Pharmaceuticals by 13.3% during the second quarter. Invesco Ltd. now owns 229,858 shares of the biotechnology company’s stock valued at $26,130,000 after purchasing an additional 27,030 shares in the last quarter. Finally, Moody Aldrich Partners LLC bought a new position in shares of Ligand Pharmaceuticals during the third quarter valued at about $4,585,000. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Trading Down 1.5%

NASDAQ:LGND opened at $198.22 on Tuesday. Ligand Pharmaceuticals Incorporated has a 12 month low of $93.58 and a 12 month high of $212.49. The company has a current ratio of 24.69, a quick ratio of 24.30 and a debt-to-equity ratio of 0.47. The firm’s 50 day moving average is $196.18 and its 200 day moving average is $176.81. The stock has a market capitalization of $3.90 billion, a PE ratio of 95.76 and a beta of 0.97.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its earnings results on Thursday, November 6th. The biotechnology company reported $3.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $1.13. The business had revenue of $86.89 million during the quarter, compared to the consensus estimate of $58.71 million. Ligand Pharmaceuticals had a return on equity of 5.71% and a net margin of 19.34%.The business’s revenue for the quarter was up 123.0% on a year-over-year basis. During the same period last year, the business posted $1.84 earnings per share. Ligand Pharmaceuticals has set its FY 2025 guidance at 7.400-7.650 EPS. Sell-side analysts expect that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current year.

Insider Activity

In related news, Director John W. Kozarich sold 467 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $189.58, for a total value of $88,533.86. Following the sale, the director directly owned 43,654 shares in the company, valued at approximately $8,275,925.32. The trade was a 1.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Octavio Espinoza sold 1,804 shares of the stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $188.31, for a total transaction of $339,711.24. Following the transaction, the chief financial officer owned 26,186 shares of the company’s stock, valued at $4,931,085.66. This represents a 6.45% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 3,205 shares of company stock valued at $608,923. 7.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

LGND has been the subject of several analyst reports. HC Wainwright increased their price objective on shares of Ligand Pharmaceuticals from $206.00 to $231.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Royal Bank Of Canada boosted their target price on Ligand Pharmaceuticals from $234.00 to $235.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ligand Pharmaceuticals in a research report on Monday, December 29th. Stifel Nicolaus boosted their price objective on Ligand Pharmaceuticals from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. Finally, Oppenheimer upped their price objective on Ligand Pharmaceuticals from $190.00 to $250.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $239.33.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.