State of Alaska Department of Revenue raised its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 78.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 3,757 shares of the biotechnology company’s stock after buying an additional 1,657 shares during the period. State of Alaska Department of Revenue’s holdings in Ligand Pharmaceuticals were worth $456,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Ligand Pharmaceuticals by 166,566.2% in the first quarter. BlackRock Inc. now owns 2,614,993 shares of the biotechnology company’s stock valued at $276,770,000 after buying an additional 2,613,424 shares in the last quarter. William Blair Investment Management LLC boosted its stake in shares of Ligand Pharmaceuticals by 42.3% in the first quarter. William Blair Investment Management LLC now owns 1,728,178 shares of the biotechnology company’s stock valued at $182,910,000 after buying an additional 513,531 shares in the last quarter. Norges Bank acquired a new stake in shares of Ligand Pharmaceuticals during the fourth quarter valued at about $19,500,000. Renaissance Technologies LLC acquired a new stake in shares of Ligand Pharmaceuticals during the first quarter valued at about $10,702,000. Finally, Gotham Asset Management LLC boosted its stake in shares of Ligand Pharmaceuticals by 246.7% in the first quarter. Gotham Asset Management LLC now owns 117,749 shares of the biotechnology company’s stock valued at $12,463,000 after buying an additional 83,784 shares in the last quarter.
Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) opened at 125.12 on Friday. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 305.17 and a beta of 0.96. The company has a 50-day moving average of $121.43 and a 200-day moving average of $111.81. Ligand Pharmaceuticals Incorporated has a 52-week low of $87.50 and a 52-week high of $129.94.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its earnings results on Monday, August 7th. The biotechnology company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.42. The company had revenue of $28 million for the quarter, compared to analyst estimates of $24.40 million. Ligand Pharmaceuticals had a net margin of 7.39% and a return on equity of 5.05%. Ligand Pharmaceuticals’s revenue was up 43.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 EPS. Equities research analysts anticipate that Ligand Pharmaceuticals Incorporated will post $2.95 EPS for the current year.
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LGND has been the topic of several recent research reports. Zacks Investment Research cut shares of Ligand Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Monday, May 15th. BidaskClub cut shares of Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Roth Capital set a $120.00 target price on shares of Ligand Pharmaceuticals and gave the company a “buy” rating in a research report on Monday, May 22nd. ValuEngine upgraded shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, June 22nd. Finally, Deutsche Bank AG restated a “hold” rating and set a $103.00 target price (up from $100.00) on shares of Ligand Pharmaceuticals in a research report on Monday, July 17th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $133.71.
In other Ligand Pharmaceuticals news, insider Matthew W. Foehr sold 6,100 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $127.51, for a total value of $777,811.00. Following the transaction, the insider now directly owns 101,020 shares in the company, valued at approximately $12,881,060.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John L. Higgins sold 4,666 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $120.00, for a total transaction of $559,920.00. Following the completion of the transaction, the chief executive officer now owns 143,837 shares in the company, valued at $17,260,440. The disclosure for this sale can be found here. Insiders sold a total of 46,874 shares of company stock worth $5,766,176 over the last quarter. 14.70% of the stock is currently owned by company insiders.
Ligand Pharmaceuticals Company Profile
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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