Driehaus Capital Management LLC Increases Stock Holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Driehaus Capital Management LLC raised its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 70.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 162,771 shares of the biotechnology company’s stock after buying an additional 67,033 shares during the quarter. Driehaus Capital Management LLC owned about 0.86% of Ligand Pharmaceuticals worth $17,441,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA acquired a new stake in Ligand Pharmaceuticals in the 4th quarter worth approximately $29,652,000. Vanguard Group Inc. raised its holdings in shares of Ligand Pharmaceuticals by 5.8% in the fourth quarter. Vanguard Group Inc. now owns 2,085,627 shares of the biotechnology company’s stock worth $223,475,000 after buying an additional 115,005 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Ligand Pharmaceuticals by 95.9% during the fourth quarter. Franklin Resources Inc. now owns 185,402 shares of the biotechnology company’s stock worth $19,866,000 after buying an additional 90,743 shares during the period. Norges Bank purchased a new stake in shares of Ligand Pharmaceuticals during the fourth quarter valued at $4,960,000. Finally, Fisher Asset Management LLC increased its position in shares of Ligand Pharmaceuticals by 68.9% in the 4th quarter. Fisher Asset Management LLC now owns 100,638 shares of the biotechnology company’s stock valued at $10,783,000 after acquiring an additional 41,064 shares during the period. Institutional investors and hedge funds own 91.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LGND. StockNews.com raised Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, April 15th. Stifel Nicolaus started coverage on Ligand Pharmaceuticals in a research report on Thursday, April 10th. They issued a “buy” rating and a $143.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $146.43.

Ligand Pharmaceuticals Stock Down 2.9 %

Shares of LGND opened at $102.51 on Friday. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 40.84 and a beta of 0.87. Ligand Pharmaceuticals Incorporated has a 52 week low of $77.43 and a 52 week high of $129.90. The stock’s 50-day moving average price is $106.81 and its 200-day moving average price is $112.42.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.10. Ligand Pharmaceuticals had a net margin of 29.68% and a return on equity of 4.95%. The business had revenue of $45.33 million for the quarter, compared to analysts’ expectations of $37.84 million. During the same quarter last year, the company earned $3.84 EPS. As a group, equities analysts anticipate that Ligand Pharmaceuticals Incorporated will post 1.73 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Octavio Espinoza sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $115.03, for a total transaction of $575,150.00. Following the completion of the transaction, the chief financial officer now directly owns 18,879 shares of the company’s stock, valued at $2,171,651.37. This represents a 20.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 5.90% of the stock is currently owned by insiders.

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.