Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Stake Raised by Stifel Financial Corp

Stifel Financial Corp boosted its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 16.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,949 shares of the biotechnology company’s stock after acquiring an additional 2,288 shares during the quarter. Stifel Financial Corp’s holdings in Ligand Pharmaceuticals were worth $1,596,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Fisher Asset Management LLC increased its position in shares of Ligand Pharmaceuticals by 12.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,574 shares of the biotechnology company’s stock valued at $5,963,000 after purchasing an additional 6,555 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Ligand Pharmaceuticals by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 163,924 shares of the biotechnology company’s stock valued at $16,407,000 after buying an additional 8,584 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Ligand Pharmaceuticals by 16.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 115,480 shares of the biotechnology company’s stock worth $11,558,000 after acquiring an additional 16,446 shares in the last quarter. William Blair Investment Management LLC increased its holdings in shares of Ligand Pharmaceuticals by 7.2% during the 2nd quarter. William Blair Investment Management LLC now owns 202,842 shares of the biotechnology company’s stock valued at $17,091,000 after acquiring an additional 13,595 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Ligand Pharmaceuticals in the 2nd quarter worth approximately $608,000. Institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Stock Performance

NASDAQ:LGND opened at $114.64 on Friday. The firm’s 50-day moving average is $115.24 and its 200-day moving average is $103.00. Ligand Pharmaceuticals Incorporated has a 52-week low of $67.53 and a 52-week high of $129.90. The company has a market cap of $2.17 billion, a price-to-earnings ratio of 45.67 and a beta of 1.01.

Wall Street Analyst Weigh In

A number of research firms have recently commented on LGND. Royal Bank of Canada lifted their price target on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. HC Wainwright reissued a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Benchmark raised their price target on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Oppenheimer boosted their price objective on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Barclays raised their target price on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $147.00.

Insider Activity at Ligand Pharmaceuticals

In other news, COO Matthew E. Korenberg sold 9,772 shares of Ligand Pharmaceuticals stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $101.22, for a total transaction of $989,121.84. Following the sale, the chief operating officer now directly owns 50,777 shares in the company, valued at approximately $5,139,647.94. The trade was a 16.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew Reardon sold 2,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $99.60, for a total transaction of $199,200.00. Following the completion of the sale, the insider now directly owns 22,534 shares in the company, valued at approximately $2,244,386.40. The trade was a 8.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,178 shares of company stock worth $1,485,824 over the last three months. Company insiders own 5.90% of the company’s stock.

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.