MML Investors Services LLC Purchases New Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

MML Investors Services LLC acquired a new stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) in the third quarter, Holdings Channel.com reports. The firm acquired 2,094 shares of the biotechnology company’s stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of LGND. Chicago Capital LLC lifted its holdings in Ligand Pharmaceuticals by 124.3% during the 2nd quarter. Chicago Capital LLC now owns 514,946 shares of the biotechnology company’s stock worth $43,389,000 after purchasing an additional 285,350 shares in the last quarter. Loomis Sayles & Co. L P increased its position in shares of Ligand Pharmaceuticals by 44.3% during the third quarter. Loomis Sayles & Co. L P now owns 372,779 shares of the biotechnology company’s stock valued at $37,312,000 after buying an additional 114,436 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Ligand Pharmaceuticals by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 708,624 shares of the biotechnology company’s stock worth $59,707,000 after buying an additional 44,543 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of Ligand Pharmaceuticals in the third quarter valued at approximately $3,410,000. Finally, Envestnet Asset Management Inc. increased its holdings in Ligand Pharmaceuticals by 47.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 79,612 shares of the biotechnology company’s stock worth $6,708,000 after acquiring an additional 25,717 shares during the period. Institutional investors own 91.28% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on LGND. Oppenheimer lifted their price objective on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. HC Wainwright reissued a “buy” rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th. Barclays upped their price objective on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Benchmark reiterated a “buy” rating and set a $135.00 target price on shares of Ligand Pharmaceuticals in a research report on Monday. Finally, Royal Bank of Canada raised their price objective 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. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $147.00.

Insider Buying and Selling at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza sold 2,104 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $116.37, for a total value of $244,842.48. Following the completion of the transaction, the chief financial officer now directly owns 20,647 shares in the company, valued at $2,402,691.39. The trade was a 9.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Lamattina sold 2,406 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $123.65, for a total value of $297,501.90. Following the completion of the transaction, the director now owns 29,515 shares of the company’s stock, valued at $3,649,529.75. This represents a 7.54 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is owned by company insiders.

Ligand Pharmaceuticals Stock Up 0.8 %

Shares of LGND stock opened at $114.25 on Friday. Ligand Pharmaceuticals Incorporated has a twelve month low of $67.53 and a twelve month high of $129.90. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 45.52 and a beta of 1.01. The business’s fifty day moving average is $116.15 and its 200 day moving average is $104.07.

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.