Dark Forest Capital Management LP Sells 1,615 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Dark Forest Capital Management LP cut its stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 24.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,043 shares of the biotechnology company’s stock after selling 1,615 shares during the period. Dark Forest Capital Management LP’s holdings in Ligand Pharmaceuticals were worth $425,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Ligand Pharmaceuticals during the fourth quarter worth about $7,655,000. Franklin Resources Inc. lifted its stake in Ligand Pharmaceuticals by 3.2% in the 4th quarter. Franklin Resources Inc. now owns 14,066 shares of the biotechnology company’s stock valued at $1,005,000 after acquiring an additional 438 shares in the last quarter. Campbell & CO Investment Adviser LLC boosted its position in Ligand Pharmaceuticals by 47.3% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 7,581 shares of the biotechnology company’s stock worth $541,000 after acquiring an additional 2,435 shares during the last quarter. Stephens Investment Management Group LLC grew its stake in shares of Ligand Pharmaceuticals by 41.0% during the 4th quarter. Stephens Investment Management Group LLC now owns 659,434 shares of the biotechnology company’s stock worth $47,097,000 after acquiring an additional 191,870 shares in the last quarter. Finally, Scarborough Advisors LLC acquired a new stake in shares of Ligand Pharmaceuticals in the fourth quarter valued at approximately $107,000. Institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Price Performance

Ligand Pharmaceuticals stock opened at $97.37 on Friday. The company’s 50-day moving average is $102.88 and its 200-day moving average is $88.31. The firm has a market capitalization of $1.75 billion, a PE ratio of 18.83 and a beta of 1.01. Ligand Pharmaceuticals Incorporated has a fifty-two week low of $49.24 and a fifty-two week high of $112.13.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced 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. Ligand Pharmaceuticals had a return on equity of 7.91% and a net margin of 29.69%. The firm had revenue of $41.50 million for the quarter, compared to the consensus estimate of $33.04 million. During the same quarter in the previous year, the business earned $1.10 earnings per share. The business’s revenue was up 57.2% compared to the same quarter last year. As a group, analysts expect that Ligand Pharmaceuticals Incorporated will post 3.54 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LGND. Royal Bank of Canada restated an “outperform” rating and set a $130.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. HC Wainwright restated a “buy” rating and set a $144.00 price objective on shares of Ligand Pharmaceuticals in a research note on Thursday, August 8th. Benchmark lifted their target price on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, Craig Hallum raised their price target on Ligand Pharmaceuticals from $135.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.00.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 1,500 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total value of $159,585.00. Following the transaction, the insider now directly owns 22,534 shares in the company, valued at $2,397,392.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Andrew Reardon sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total value of $159,585.00. Following the completion of the transaction, the insider now directly owns 22,534 shares in the company, valued at approximately $2,397,392.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd C. Davis purchased 2,500 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average price of $97.39 per share, for a total transaction of $243,475.00. Following the transaction, the chief executive officer now directly owns 123,010 shares in the company, valued at approximately $11,979,943.90. The disclosure for this purchase can be found here. Insiders sold 51,613 shares of company stock valued at $5,255,692 in the last quarter. 5.90% of the stock is currently owned by insiders.

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.