Comerica Bank Reduces Stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Comerica Bank trimmed its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGNDGet Rating) by 14.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,267 shares of the biotechnology company’s stock after selling 2,060 shares during the quarter. Comerica Bank owned approximately 0.07% of Ligand Pharmaceuticals worth $1,065,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Venture Visionary Partners LLC acquired a new position in shares of Ligand Pharmaceuticals during the 2nd quarter worth $36,000. KBC Group NV purchased a new position in Ligand Pharmaceuticals during the 2nd quarter valued at about $128,000. Advisor Group Holdings Inc. raised its position in Ligand Pharmaceuticals by 10.6% during the first quarter. Advisor Group Holdings Inc. now owns 1,341 shares of the biotechnology company’s stock worth $151,000 after acquiring an additional 128 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of Ligand Pharmaceuticals by 38.1% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 2,078 shares of the biotechnology company’s stock valued at $185,000 after purchasing an additional 573 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Ligand Pharmaceuticals in the third quarter valued at approximately $200,000. Institutional investors and hedge funds own 87.16% of the company’s stock.

Insider Buying and Selling at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza sold 1,696 shares of the company’s stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $75.64, for a total transaction of $128,285.44. Following the completion of the sale, the chief financial officer now directly owns 8,857 shares in the company, valued at approximately $669,943.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 1,696 shares of the business’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $75.64, for a total transaction of $128,285.44. Following the completion of the sale, the chief financial officer now owns 8,857 shares of the company’s stock, valued at $669,943.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John L. Higgins sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $61.87, for a total value of $618,700.00. Following the completion of the transaction, the director now owns 422,984 shares in the company, valued at $26,170,020.08. The disclosure for this sale can be found here. Insiders have sold a total of 21,696 shares of company stock worth $1,530,185 in the last quarter. 10.40% of the stock is owned by insiders.

Ligand Pharmaceuticals Trading Up 2.2 %

Ligand Pharmaceuticals stock opened at $72.68 on Wednesday. The stock has a fifty day moving average price of $69.04 and a 200 day moving average price of $83.16. Ligand Pharmaceuticals Incorporated has a 52 week low of $57.77 and a 52 week high of $128.51. The firm has a market capitalization of $1.23 billion, a P/E ratio of -58.61, a PEG ratio of 2.18 and a beta of 1.10.

Ligand Pharmaceuticals (NASDAQ:LGNDGet Rating) last announced its quarterly earnings data on Monday, November 7th. The biotechnology company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.29). Ligand Pharmaceuticals had a positive return on equity of 2.57% and a negative net margin of 8.62%. The company had revenue of $66.09 million for the quarter, compared to analysts’ expectations of $38.47 million. As a group, equities analysts predict that Ligand Pharmaceuticals Incorporated will post 2.35 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. StockNews.com upgraded Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, November 3rd. Barclays reduced their price objective on Ligand Pharmaceuticals from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday, November 21st. Roth Capital lifted their price objective on Ligand Pharmaceuticals from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, December 23rd. Finally, Benchmark reduced their target price on shares of Ligand Pharmaceuticals to $95.00 in a report on Tuesday, November 15th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $119.00.

Ligand Pharmaceuticals Company Profile

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Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing or acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Veklury for the treatment of moderate or severe COVID-19; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by Streptococcus pneumoniae; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.

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Institutional Ownership by Quarter for Ligand Pharmaceuticals (NASDAQ:LGND)

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