First Light Asset Management LLC increased its position in shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 4.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,808 shares of the biotechnology company’s stock after acquiring an additional 4,837 shares during the quarter. Ligand Pharmaceuticals comprises 4.2% of First Light Asset Management LLC’s holdings, making the stock its 10th biggest position. First Light Asset Management LLC owned 0.55% of Ligand Pharmaceuticals worth $19,292,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Jane Street Group LLC bought a new position in shares of Ligand Pharmaceuticals during the 1st quarter worth approximately $274,000. Element Capital Management LLC bought a new position in shares of Ligand Pharmaceuticals during the 1st quarter worth approximately $294,000. Blair William & Co. IL raised its stake in shares of Ligand Pharmaceuticals by 8.0% during the 1st quarter. Blair William & Co. IL now owns 132,216 shares of the biotechnology company’s stock worth $21,837,000 after acquiring an additional 9,812 shares in the last quarter. UBS Group AG raised its stake in shares of Ligand Pharmaceuticals by 465.7% during the 1st quarter. UBS Group AG now owns 62,154 shares of the biotechnology company’s stock worth $10,265,000 after acquiring an additional 51,166 shares in the last quarter. Finally, Lisanti Capital Growth LLC bought a new position in shares of Ligand Pharmaceuticals during the 1st quarter worth approximately $2,202,000.
LGND has been the subject of several recent analyst reports. TheStreet upgraded shares of Ligand Pharmaceuticals from a “c+” rating to an “a-” rating in a research note on Wednesday, May 9th. ValuEngine raised shares of Ligand Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Wednesday, May 2nd. Zacks Investment Research raised shares of Ligand Pharmaceuticals from a “hold” rating to a “buy” rating and set a $171.00 target price on the stock in a research report on Wednesday, February 28th. BidaskClub downgraded shares of Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 27th. Finally, Roth Capital boosted their target price on shares of Ligand Pharmaceuticals from $158.00 to $171.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. Ligand Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $161.00.
Ligand Pharmaceuticals (NASDAQ:LGND) last released its earnings results on Tuesday, May 8th. The biotechnology company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.26. The company had revenue of $56.16 million for the quarter, compared to the consensus estimate of $43.02 million. Ligand Pharmaceuticals had a net margin of 31.40% and a return on equity of 19.10%. Ligand Pharmaceuticals’s revenue was up 91.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 EPS. equities research analysts expect that Ligand Pharmaceuticals Inc. will post 4.33 earnings per share for the current year.
In other news, CEO John L. Higgins sold 12,405 shares of the company’s stock in a transaction on Tuesday, May 15th. The shares were sold at an average price of $179.97, for a total value of $2,232,527.85. Following the sale, the chief executive officer now directly owns 119,824 shares of the company’s stock, valued at approximately $21,564,725.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Lamattina sold 4,000 shares of the company’s stock in a transaction on Monday, June 4th. The shares were sold at an average price of $194.51, for a total transaction of $778,040.00. Following the completion of the sale, the director now directly owns 24,956 shares in the company, valued at $4,854,191.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,786 shares of company stock worth $4,900,365. 7.80% of the stock is owned by insiders.
Ligand Pharmaceuticals Company Profile
Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing and acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Promacta, an oral medicine that increases the number of platelets in the blood; Kyprolis and Evomela, which are used to treat multiple myeloma; Baxdela, a captisol-enabled delafloxacin-IV for the treatment of acute bacterial skin and skin structure infections; Nexterone, a captisol-enabled formulation of amiodarone; Noxafil-IV, a captisol-enabled formulation of posaconazole for IV use; Carnexiv, which is indicated as replacement therapy for oral carbamazepine formulations; bazedoxifene for the treatment of postmenopausal osteoporosis; commercial pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune diseases; Vivitra for breast cancer; and Bryxta for non-small cell lung cancer.
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