Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Shares Purchased by Congress Asset Management Co.

Congress Asset Management Co. boosted its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 3.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 604,038 shares of the biotechnology company’s stock after purchasing an additional 17,414 shares during the quarter. Congress Asset Management Co.’s holdings in Ligand Pharmaceuticals were worth $60,458,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Ligand Pharmaceuticals by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 1,876,514 shares of the biotechnology company’s stock worth $134,021,000 after acquiring an additional 24,653 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Ligand Pharmaceuticals by 32.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,840 shares of the biotechnology company’s stock worth $131,000 after purchasing an additional 450 shares during the last quarter. Texas Permanent School Fund Corp grew its position in shares of Ligand Pharmaceuticals by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 14,344 shares of the biotechnology company’s stock valued at $1,049,000 after purchasing an additional 185 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Ligand Pharmaceuticals in the first quarter valued at approximately $809,000. Finally, Illinois Municipal Retirement Fund increased its holdings in shares of Ligand Pharmaceuticals by 8.4% in the first quarter. Illinois Municipal Retirement Fund now owns 10,158 shares of the biotechnology company’s stock valued at $743,000 after purchasing an additional 790 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.

Ligand Pharmaceuticals Stock Performance

Shares of Ligand Pharmaceuticals stock traded down $2.24 on Thursday, reaching $107.57. The company had a trading volume of 17,391 shares, compared to its average volume of 134,967. The firm’s 50 day moving average price is $104.14 and its two-hundred day moving average price is $93.30. Ligand Pharmaceuticals Incorporated has a 52-week low of $50.87 and a 52-week high of $115.53. The firm has a market cap of $1.94 billion, a PE ratio of 20.95 and a beta of 1.00.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.34. Ligand Pharmaceuticals had a return on equity of 7.91% and a net margin of 29.69%. The company had revenue of $41.50 million for the quarter, compared to analyst estimates of $33.04 million. During the same quarter in the previous year, the company earned $1.10 earnings per share. The firm’s quarterly revenue was up 57.2% compared to the same quarter last year. As a group, sell-side analysts predict that Ligand Pharmaceuticals Incorporated will post 3.47 EPS for the current year.

Analyst Ratings Changes

LGND has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and issued a $157.00 target price on shares of Ligand Pharmaceuticals in a report on Thursday. Barclays upped their price objective on shares of Ligand Pharmaceuticals from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Monday. Oppenheimer started coverage on shares of Ligand Pharmaceuticals in a research note on Thursday, October 3rd. They set an “outperform” rating and a $135.00 target price on the stock. Craig Hallum increased their price target on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Finally, Benchmark lifted their price target on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $132.83.

Insider Activity at Ligand Pharmaceuticals

In related news, CEO Todd C. Davis acquired 2,500 shares of Ligand Pharmaceuticals stock in a transaction dated Thursday, August 8th. The shares were acquired at an average cost of $97.39 per share, for a total transaction of $243,475.00. Following the completion of the purchase, the chief executive officer now owns 123,010 shares in the company, valued at approximately $11,979,943.90. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Matthew E. Korenberg sold 18,245 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $98.50, for a total value of $1,797,132.50. Following the completion of the transaction, the chief operating officer now owns 68,368 shares in the company, valued at $6,734,248. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd C. Davis purchased 2,500 shares of the stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $97.39 per share, with a total value of $243,475.00. Following the acquisition, the chief executive officer now directly owns 123,010 shares in the company, valued at $11,979,943.90. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 51,613 shares of company stock worth $5,255,692. Corporate insiders own 5.90% of the company’s stock.

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.