Envestnet Asset Management Inc. boosted its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 5.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,762 shares of the biotechnology company’s stock after buying an additional 319 shares during the period. Envestnet Asset Management Inc.’s holdings in Ligand Pharmaceuticals were worth $610,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Ligand Pharmaceuticals during the fourth quarter worth $19,500,000. Janus Capital Management LLC increased its stake in Ligand Pharmaceuticals by 31.0% in the fourth quarter. Janus Capital Management LLC now owns 271,970 shares of the biotechnology company’s stock worth $27,635,000 after buying an additional 64,286 shares during the period. Macquarie Group Ltd. increased its stake in Ligand Pharmaceuticals by 20.5% in the fourth quarter. Macquarie Group Ltd. now owns 329,165 shares of the biotechnology company’s stock worth $33,446,000 after buying an additional 56,040 shares during the period. Pax World Management LLC increased its stake in Ligand Pharmaceuticals by 20.3% in the first quarter. Pax World Management LLC now owns 172,101 shares of the biotechnology company’s stock worth $18,215,000 after buying an additional 29,052 shares during the period. Finally, Gabelli Funds LLC increased its stake in Ligand Pharmaceuticals by 107.5% in the first quarter. Gabelli Funds LLC now owns 43,575 shares of the biotechnology company’s stock worth $4,612,000 after buying an additional 22,575 shares during the period.
Ligand Pharmaceuticals Incorporated (NASDAQ LGND) opened at 114.89 on Friday. The firm’s 50-day moving average is $112.92 and its 200-day moving average is $107.29. Ligand Pharmaceuticals Incorporated has a 52 week low of $87.50 and a 52 week high of $139.79. The company’s market cap is $2.41 billion.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Tuesday, May 9th. The biotechnology company reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by $0.16. The firm had revenue of $29.27 million for the quarter, compared to analyst estimates of $30.25 million. Ligand Pharmaceuticals had a positive return on equity of 2.57% and a negative net margin of 2.91%. The business’s revenue was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.63 EPS. On average, analysts expect that Ligand Pharmaceuticals Incorporated will post $2.70 EPS for the current fiscal year.
LGND has been the topic of a number of recent research reports. Zacks Investment Research raised Ligand Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Monday, May 1st. Roth Capital initiated coverage on Ligand Pharmaceuticals in a research report on Monday, February 27th. They set a “buy” rating and a $118.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $130.47.
In related news, insider Matthew W. Foehr sold 5,621 shares of the stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $112.20, for a total transaction of $630,676.20. Following the sale, the insider now owns 98,341 shares in the company, valued at approximately $11,033,860.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jason Aryeh sold 37,247 shares of the stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $110.76, for a total transaction of $4,125,477.72. Following the sale, the director now owns 58,959 shares in the company, valued at approximately $6,530,298.84. The disclosure for this sale can be found here. Insiders have sold a total of 58,868 shares of company stock worth $6,570,994 in the last quarter. 14.70% of the stock is currently 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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