Principal Financial Group Inc. Buys 4,439 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Principal Financial Group Inc. raised its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 5.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 93,208 shares of the biotechnology company’s stock after acquiring an additional 4,439 shares during the period. Principal Financial Group Inc.’s holdings in Ligand Pharmaceuticals were worth $9,329,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in LGND. Rothschild Investment LLC bought a new stake in shares of Ligand Pharmaceuticals during the second quarter valued at approximately $34,000. Equitable Trust Co. purchased a new position in Ligand Pharmaceuticals during the second quarter valued at $344,000. Rhumbline Advisers boosted its holdings in shares of Ligand Pharmaceuticals by 1.8% during the 2nd quarter. Rhumbline Advisers now owns 61,332 shares of the biotechnology company’s stock valued at $5,168,000 after buying an additional 1,077 shares in the last quarter. Arizona State Retirement System grew its position in shares of Ligand Pharmaceuticals by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 4,708 shares of the biotechnology company’s stock worth $397,000 after buying an additional 156 shares during the period. Finally, Los Angeles Capital Management LLC bought a new position in shares of Ligand Pharmaceuticals in the 2nd quarter worth about $608,000. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Insiders Place Their Bets

In related news, Director John L. Lamattina sold 2,406 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $123.65, for a total transaction of $297,501.90. Following the completion of the sale, the director now owns 29,515 shares in the company, valued at approximately $3,649,529.75. This represents a 7.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Octavio Espinoza sold 2,104 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. 5.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on LGND shares. Royal Bank of Canada boosted 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. HC Wainwright reaffirmed a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Barclays boosted their target price on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Oppenheimer raised their price target on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Benchmark reiterated a “buy” rating and issued a $135.00 price target on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $147.00.

Ligand Pharmaceuticals Price Performance

LGND stock opened at $105.76 on Tuesday. The stock has a market capitalization of $2.00 billion, a P/E ratio of 42.14 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. The business has a fifty day moving average price of $116.21 and a 200-day moving average price of $104.61.

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.