Los Angeles Capital Management LLC Makes New $608,000 Investment in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Los Angeles Capital Management LLC purchased a new stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 7,220 shares of the biotechnology company’s stock, valued at approximately $608,000.

A number of other large investors have also recently made changes to their positions in LGND. Innealta Capital LLC purchased a new stake in Ligand Pharmaceuticals in the second quarter worth approximately $31,000. Rothschild Investment LLC purchased a new position in shares of Ligand Pharmaceuticals in the 2nd quarter worth $34,000. Principal Securities Inc. bought a new stake in shares of Ligand Pharmaceuticals in the fourth quarter worth $53,000. Scarborough Advisors LLC purchased a new stake in Ligand Pharmaceuticals during the fourth quarter valued at $107,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Ligand Pharmaceuticals by 32.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,840 shares of the biotechnology company’s stock valued at $131,000 after acquiring an additional 450 shares during the period. 91.28% of the stock is currently owned by institutional investors.

Ligand Pharmaceuticals Trading Up 2.6 %

Shares of NASDAQ:LGND opened at $104.77 on Friday. The stock has a 50 day moving average of $101.93 and a 200 day moving average of $86.62. The company has a market cap of $1.91 billion, a PE ratio of 20.26 and a beta of 1.01. Ligand Pharmaceuticals Incorporated has a 12-month low of $49.24 and a 12-month high of $112.13.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.34. The business had revenue of $41.50 million during the quarter, compared to analyst estimates of $33.04 million. Ligand Pharmaceuticals had a net margin of 29.69% and a return on equity of 7.91%. The company’s revenue was up 57.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.10 earnings per share. Equities research analysts predict that Ligand Pharmaceuticals Incorporated will post 3.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ligand Pharmaceuticals news, CEO Todd C. Davis purchased 2,500 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were acquired at an average cost of $97.39 per share, with a total value of $243,475.00. Following the completion of the acquisition, the chief executive officer now directly owns 123,010 shares in the company, valued at $11,979,943.90. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, COO Matthew E. Korenberg sold 1,157 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total value of $122,109.78. Following the transaction, the chief operating officer now directly owns 67,211 shares of the company’s stock, valued at approximately $7,093,448.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd C. Davis acquired 2,500 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were bought at an average cost of $97.39 per share, with a total value of $243,475.00. Following the completion of the acquisition, the chief executive officer now owns 123,010 shares in the company, valued at $11,979,943.90. The disclosure for this purchase can be found here. In the last quarter, insiders sold 32,291 shares of company stock valued at $3,281,620. Company insiders own 5.90% of the company’s stock.

Analyst Ratings Changes

LGND has been the subject of a number of recent research reports. Royal Bank of Canada restated an “outperform” rating and set a $130.00 price target on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 7th. Craig Hallum upped their target price on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Benchmark increased their price target on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, HC Wainwright reissued a “buy” rating and set a $144.00 price objective on shares of Ligand Pharmaceuticals in a research report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $131.00.

Ligand Pharmaceuticals Profile

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.