Matthew E. Korenberg Sells 9,772 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Stock

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) COO Matthew E. Korenberg sold 9,772 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $101.22, for a total value of $989,121.84. Following the completion of the sale, the chief operating officer now owns 50,777 shares of the company’s stock, valued at approximately $5,139,647.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Ligand Pharmaceuticals Trading Down 0.8 %

NASDAQ:LGND opened at $98.78 on Thursday. The company has a 50-day moving average price of $102.92 and a 200-day moving average price of $88.05. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of 19.11 and a beta of 1.01. Ligand Pharmaceuticals Incorporated has a 12 month low of $49.24 and a 12 month high of $112.13.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.06 by $0.34. Ligand Pharmaceuticals had a net margin of 29.69% and a return on equity of 7.91%. The business had revenue of $41.50 million during the quarter, compared to analyst estimates of $33.04 million. During the same period last year, the business posted $1.10 earnings per share. Ligand Pharmaceuticals’s quarterly revenue was up 57.2% compared to the same quarter last year. Equities analysts forecast that Ligand Pharmaceuticals Incorporated will post 3.54 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on LGND shares. Royal Bank of Canada reiterated an “outperform” rating and set a $130.00 price target on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $144.00 price objective on shares of Ligand Pharmaceuticals in a research note on Thursday, August 8th. Craig Hallum increased their target price on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Benchmark upped their price target on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 12th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $131.00.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Ligand Pharmaceuticals by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 161,480 shares of the biotechnology company’s stock valued at $11,533,000 after buying an additional 4,293 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Ligand Pharmaceuticals by 7.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 661,298 shares of the biotechnology company’s stock worth $47,230,000 after purchasing an additional 46,906 shares during the period. Brown Advisory Inc. bought a new position in shares of Ligand Pharmaceuticals during the fourth quarter valued at approximately $554,000. Norges Bank bought a new position in Ligand Pharmaceuticals during the 4th quarter valued at approximately $7,655,000. Finally, Franklin Resources Inc. increased its holdings in shares of Ligand Pharmaceuticals by 3.2% during the fourth quarter. Franklin Resources Inc. now owns 14,066 shares of the biotechnology company’s stock valued at $1,005,000 after acquiring an additional 438 shares in the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Company Profile

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.