Ranger Investment Management L.P. purchased a new position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 257,596 shares of the biotechnology company’s stock, valued at approximately $81,424,000. Ligand Pharmaceuticals accounts for about 5.2% of Ranger Investment Management L.P.’s holdings, making the stock its largest holding. Ranger Investment Management L.P. owned 1.29% of Ligand Pharmaceuticals as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC lifted its holdings in shares of Ligand Pharmaceuticals by 86.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock worth $26,000 after buying an additional 69 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Ligand Pharmaceuticals during the fourth quarter valued at $31,000. JPL Wealth Management LLC purchased a new position in shares of Ligand Pharmaceuticals during the third quarter valued at $52,000. Covestor Ltd raised its holdings in shares of Ligand Pharmaceuticals by 17,050.0% in the fourth quarter. Covestor Ltd now owns 343 shares of the biotechnology company’s stock valued at $65,000 after acquiring an additional 341 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of Ligand Pharmaceuticals by 1,040.0% in the fourth quarter. IFP Advisors Inc now owns 342 shares of the biotechnology company’s stock valued at $65,000 after acquiring an additional 312 shares in the last quarter. Institutional investors own 91.28% of the company’s stock.
Ligand Pharmaceuticals Price Performance
LGND stock opened at $286.29 on Monday. The firm has a 50 day moving average of $295.88 and a 200 day moving average of $242.18. The stock has a market capitalization of $5.71 billion, a PE ratio of 30.62, a price-to-earnings-growth ratio of 2.29 and a beta of 1.13. The company has a quick ratio of 30.96, a current ratio of 31.18 and a debt-to-equity ratio of 1.16. Ligand Pharmaceuticals Incorporated has a 52 week low of $156.91 and a 52 week high of $326.63.
Insider Transactions at Ligand Pharmaceuticals
In other Ligand Pharmaceuticals news, Director John L. Lamattina sold 4,591 shares of Ligand Pharmaceuticals stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $250.88, for a total transaction of $1,151,790.08. Following the completion of the sale, the director owned 26,969 shares of the company’s stock, valued at approximately $6,765,982.72. The trade was a 14.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jason Haas sold 7,138 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $292.81, for a total value of $2,090,077.78. Following the sale, the director owned 3,981 shares in the company, valued at approximately $1,165,676.61. The trade was a 64.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 71,976 shares of company stock worth $20,075,721 over the last 90 days. Insiders own 5.60% of the company’s stock.
Analyst Ratings Changes
A number of research firms have weighed in on LGND. Leerink Partners began coverage on Ligand Pharmaceuticals in a report on Friday, August 14th. They set an “outperform” rating and a $330.00 target price for the company. Bank of America lifted their price target on Ligand Pharmaceuticals from $266.00 to $388.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Oppenheimer reissued an “outperform” rating and issued a $326.00 price target (up from $285.00) on shares of Ligand Pharmaceuticals in a research report on Monday, August 3rd. Stifel Nicolaus upped their price objective on Ligand Pharmaceuticals from $255.00 to $332.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Finally, Citigroup initiated coverage on Ligand Pharmaceuticals in a research report on Tuesday, July 21st. They set a “buy” rating and a $387.00 price objective on the stock. Nine research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $335.75.
Read Our Latest Stock Report on Ligand Pharmaceuticals
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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