Geode Capital Management LLC Raises Stock Holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Geode Capital Management LLC raised its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 5.5% during the 3rd quarter, Holdings Channel reports. The firm owned 428,270 shares of the biotechnology company’s stock after buying an additional 22,495 shares during the quarter. Geode Capital Management LLC’s holdings in Ligand Pharmaceuticals were worth $42,874,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Barclays PLC boosted its position in Ligand Pharmaceuticals by 20.0% in the third quarter. Barclays PLC now owns 43,456 shares of the biotechnology company’s stock valued at $4,349,000 after buying an additional 7,247 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Ligand Pharmaceuticals by 12.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,574 shares of the biotechnology company’s stock valued at $5,963,000 after acquiring an additional 6,555 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Ligand Pharmaceuticals by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 163,924 shares of the biotechnology company’s stock worth $16,407,000 after acquiring an additional 8,584 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Ligand Pharmaceuticals by 16.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 115,480 shares of the biotechnology company’s stock worth $11,558,000 after purchasing an additional 16,446 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its position in Ligand Pharmaceuticals by 7.2% during the second quarter. William Blair Investment Management LLC now owns 202,842 shares of the biotechnology company’s stock valued at $17,091,000 after purchasing an additional 13,595 shares during the period. 91.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director John L. Lamattina sold 2,406 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $123.65, for a total value of $297,501.90. Following the transaction, the director now directly owns 29,515 shares of the company’s stock, valued at approximately $3,649,529.75. This trade represents a 7.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 5.90% of the company’s stock.

Analyst Upgrades and Downgrades

LGND has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Barclays boosted their price target on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Royal Bank of Canada raised their price objective on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Oppenheimer boosted their target price on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Benchmark reaffirmed a “buy” rating and issued a $135.00 price objective on shares of Ligand Pharmaceuticals in a report on Monday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Ligand Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $147.00.

Ligand Pharmaceuticals Stock Performance

Ligand Pharmaceuticals stock opened at $113.80 on Tuesday. The company’s fifty day moving average price is $115.68 and its 200 day moving average price is $103.70. The stock has a market capitalization of $2.15 billion, a P/E ratio of 45.34 and a beta of 1.01. Ligand Pharmaceuticals Incorporated has a 1 year low of $67.53 and a 1 year high of $129.90.

Ligand Pharmaceuticals Company 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.