State of Tennessee Treasury Department trimmed its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 5.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,752 shares of the biotechnology company’s stock after selling 1,059 shares during the quarter. State of Tennessee Treasury Department owned approximately 0.08% of Ligand Pharmaceuticals worth $2,281,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Ligand Pharmaceuticals by 2.6% in the 2nd quarter. BlackRock Inc. now owns 2,683,880 shares of the biotechnology company’s stock valued at $325,822,000 after acquiring an additional 68,887 shares during the last quarter. William Blair Investment Management LLC increased its holdings in shares of Ligand Pharmaceuticals by 2.6% in the 2nd quarter. William Blair Investment Management LLC now owns 1,773,434 shares of the biotechnology company’s stock valued at $215,295,000 after acquiring an additional 45,256 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Ligand Pharmaceuticals by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,741,818 shares of the biotechnology company’s stock valued at $211,457,000 after acquiring an additional 54,200 shares during the last quarter. Janus Henderson Group PLC bought a new stake in shares of Ligand Pharmaceuticals in the 2nd quarter valued at approximately $72,293,000. Finally, Eagle Asset Management Inc. increased its holdings in shares of Ligand Pharmaceuticals by 7.7% in the 2nd quarter. Eagle Asset Management Inc. now owns 490,841 shares of the biotechnology company’s stock valued at $59,588,000 after acquiring an additional 35,289 shares during the last quarter.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded Ligand Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $165.00 price target for the company in a report on Thursday, October 12th. Stephens reiterated an “overweight” rating and issued a $137.00 price target (up from $125.00) on shares of Ligand Pharmaceuticals in a report on Wednesday, August 9th. Craig Hallum reiterated a “buy” rating and issued a $170.00 price target (up from $160.00) on shares of Ligand Pharmaceuticals in a report on Wednesday. HC Wainwright set a $157.00 price target on Ligand Pharmaceuticals and gave the company a “buy” rating in a report on Tuesday, October 24th. Finally, Deutsche Bank AG boosted their price target on Ligand Pharmaceuticals from $103.00 to $104.00 and gave the company a “hold” rating in a report on Tuesday, August 8th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $148.83.
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Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings data on Thursday, November 9th. The biotechnology company reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.32. The firm had revenue of $33.38 million during the quarter, compared to the consensus estimate of $31.04 million. Ligand Pharmaceuticals had a return on equity of 7.83% and a net margin of 12.76%. The firm’s revenue was up 54.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.62 EPS. analysts anticipate that Ligand Pharmaceuticals Incorporated will post 2.35 earnings per share for the current year.
In other news, CEO John L. Higgins sold 5,000 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $130.00, for a total value of $650,000.00. Following the completion of the transaction, the chief executive officer now owns 144,171 shares of the company’s stock, valued at $18,742,230. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Matthew E. Korenberg sold 6,559 shares of the stock in a transaction on Friday, November 17th. The stock was sold at an average price of $142.63, for a total value of $935,510.17. Following the completion of the transaction, the vice president now directly owns 8,147 shares of the company’s stock, valued at approximately $1,162,006.61. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,828 shares of company stock valued at $3,301,031. 14.70% of the stock is owned by company insiders.
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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