Ranger Investment Management L.P. cut its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND – Free Report) by 0.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 267,943 shares of the biotechnology company’s stock after selling 2,040 shares during the period. Ligand Pharmaceuticals accounts for 3.9% of Ranger Investment Management L.P.’s investment portfolio, making the stock its largest holding. Ranger Investment Management L.P.’s holdings in Ligand Pharmaceuticals were worth $53,495,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Maryland State Retirement & Pension System lifted its position in shares of Ligand Pharmaceuticals by 2.2% during the 4th quarter. Maryland State Retirement & Pension System now owns 2,872 shares of the biotechnology company’s stock worth $543,000 after purchasing an additional 61 shares during the last quarter. CIBC Private Wealth Group LLC increased its holdings in Ligand Pharmaceuticals by 86.3% in the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 69 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Ligand Pharmaceuticals by 3.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,688 shares of the biotechnology company’s stock valued at $527,000 after buying an additional 78 shares during the last quarter. Cerity Partners LLC raised its stake in Ligand Pharmaceuticals by 5.4% in the fourth quarter. Cerity Partners LLC now owns 1,531 shares of the biotechnology company’s stock valued at $289,000 after buying an additional 79 shares in the last quarter. Finally, 1492 Capital Management LLC raised its stake in Ligand Pharmaceuticals by 4.4% in the first quarter. 1492 Capital Management LLC now owns 1,958 shares of the biotechnology company’s stock valued at $391,000 after buying an additional 82 shares in the last quarter. 91.28% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have issued reports on LGND. Bank of America lifted their price target on Ligand Pharmaceuticals from $266.00 to $388.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Weiss Ratings lowered Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 15th. Citigroup initiated coverage on Ligand Pharmaceuticals in a research note on Tuesday, July 21st. They set a “buy” rating and a $387.00 target price for the company. Stifel Nicolaus upped their price target on Ligand Pharmaceuticals from $255.00 to $332.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Finally, Royal Bank Of Canada increased their price target on shares of Ligand Pharmaceuticals from $262.00 to $340.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Ligand Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $319.00.
Insiders Place Their Bets
In related news, insider Andrew Reardon sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $313.28, for a total value of $1,566,400.00. Following the completion of the sale, the insider directly owned 41,514 shares of the company’s stock, valued at $13,005,505.92. This represents a 10.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen L. Sabba sold 2,145 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $254.00, for a total value of $544,830.00. Following the transaction, the director owned 33,629 shares in the company, valued at $8,541,766. This represents a 6.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 35,698 shares of company stock worth $9,019,252. Corporate insiders own 5.60% of the company’s stock.
Ligand Pharmaceuticals Price Performance
Shares of NASDAQ:LGND opened at $296.28 on Wednesday. Ligand Pharmaceuticals Incorporated has a 12 month low of $129.55 and a 12 month high of $326.63. The firm has a market capitalization of $5.94 billion, a P/E ratio of 40.20, a P/E/G ratio of 2.94 and a beta of 1.10. The company has a debt-to-equity ratio of 0.45, a current ratio of 21.28 and a quick ratio of 20.95. The company’s fifty day moving average price is $275.49 and its 200 day moving average price is $230.11.
Ligand Pharmaceuticals (NASDAQ:LGND – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.21). The company had revenue of $51.72 million during the quarter, compared to analyst estimates of $59.10 million. Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The business’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 EPS. As a group, sell-side analysts predict that Ligand Pharmaceuticals Incorporated will post 4.56 earnings per share for the current fiscal year.
Ligand Pharmaceuticals Company Profile
Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.
The company’s product offerings center around several core platforms.
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