TIAA CREF Investment Management LLC raised its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 7.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,894 shares of the biotechnology company’s stock after buying an additional 4,306 shares during the period. TIAA CREF Investment Management LLC owned 0.29% of Ligand Pharmaceuticals worth $7,393,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in LGND. Swiss National Bank boosted its position in Ligand Pharmaceuticals by 1.9% in the first quarter. Swiss National Bank now owns 32,600 shares of the biotechnology company’s stock valued at $3,450,000 after buying an additional 600 shares in the last quarter. Karp Capital Management Corp acquired a new position in Ligand Pharmaceuticals in the first quarter valued at about $976,000. Ameritas Investment Partners Inc. acquired a new position in Ligand Pharmaceuticals in the first quarter valued at about $174,000. Mason Street Advisors LLC boosted its position in Ligand Pharmaceuticals by 6.8% in the first quarter. Mason Street Advisors LLC now owns 4,438 shares of the biotechnology company’s stock valued at $470,000 after buying an additional 282 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in Ligand Pharmaceuticals by 5.9% in the first quarter. Envestnet Asset Management Inc. now owns 5,762 shares of the biotechnology company’s stock valued at $610,000 after buying an additional 319 shares in the last quarter.
Ligand Pharmaceuticals Incorporated (NASDAQ LGND) opened at 143.21 on Wednesday. Ligand Pharmaceuticals Incorporated has a 52 week low of $87.50 and a 52 week high of $143.26. The company has a market capitalization of $3.02 billion, a P/E ratio of 349.29 and a beta of 1.01. The firm has a 50 day moving average of $134.13 and a 200-day moving average of $120.07.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Monday, August 7th. The biotechnology company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.42. Ligand Pharmaceuticals had a net margin of 7.39% and a return on equity of 5.05%. The company had revenue of $28.00 million for the quarter, compared to the consensus estimate of $24.40 million. During the same period last year, the company posted $0.50 EPS. The firm’s quarterly revenue was up 43.6% compared to the same quarter last year. On average, analysts forecast that Ligand Pharmaceuticals Incorporated will post $2.95 earnings per share for the current year.
A number of equities analysts have commented on the stock. Zacks Investment Research lowered shares of Ligand Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. HC Wainwright restated a “buy” rating and issued a $157.00 price target on shares of Ligand Pharmaceuticals in a research report on Thursday, October 5th. ValuEngine upgraded shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Stephens restated an “overweight” rating and issued a $137.00 price target (up from $125.00) on shares of Ligand Pharmaceuticals in a research report on Wednesday, August 9th. Finally, TheStreet raised shares of Ligand Pharmaceuticals from a “c” rating to a “b-” rating in a research note on Monday, August 7th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $133.25.
In other news, VP Charles S. Berkman sold 18,625 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $126.96, for a total value of $2,364,630.00. Following the sale, the vice president now directly owns 24,423 shares in the company, valued at approximately $3,100,744.08. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Matthew W. Foehr sold 6,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $127.51, for a total transaction of $777,811.00. Following the completion of the sale, the insider now owns 101,020 shares in the company, valued at $12,881,060.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,208 shares of company stock worth $4,733,796. 14.70% of the stock is currently owned by corporate insiders.
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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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