Swiss National Bank Lowers Holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Swiss National Bank reduced its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 10.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,500 shares of the biotechnology company’s stock after selling 3,600 shares during the quarter. Swiss National Bank owned 0.19% of Ligand Pharmaceuticals worth $2,321,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. China Universal Asset Management Co. Ltd. boosted its stake in shares of Ligand Pharmaceuticals by 356.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 2,012 shares of the biotechnology company’s stock worth $144,000 after acquiring an additional 1,571 shares in the last quarter. Cetera Trust Company N.A purchased a new stake in shares of Ligand Pharmaceuticals during the 4th quarter worth about $157,000. Advisor Resource Council purchased a new stake in shares of Ligand Pharmaceuticals during the 4th quarter worth about $200,000. Mutual of America Capital Management LLC purchased a new stake in shares of Ligand Pharmaceuticals during the 4th quarter worth about $205,000. Finally, Legato Capital Management LLC purchased a new stake in shares of Ligand Pharmaceuticals during the 4th quarter worth about $212,000. 91.28% of the stock is owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Trading Down 2.7 %

LGND stock opened at $84.91 on Friday. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 16.42 and a beta of 1.01. Ligand Pharmaceuticals Incorporated has a 12 month low of $49.24 and a 12 month high of $94.57. The firm has a 50-day moving average of $76.68 and a two-hundred day moving average of $71.63.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $3.01. The business had revenue of $30.90 million during the quarter, compared to the consensus estimate of $27.92 million. Ligand Pharmaceuticals had a net margin of 79.30% and a return on equity of 8.52%. The business’s revenue was down 29.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.96 EPS. As a group, equities analysts forecast that Ligand Pharmaceuticals Incorporated will post 3.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LGND. Benchmark restated a “buy” rating and set a $95.00 price target on shares of Ligand Pharmaceuticals in a research report on Friday, April 12th. HC Wainwright restated a “buy” rating and set a $144.00 price target on shares of Ligand Pharmaceuticals in a research report on Wednesday, May 8th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $116.33.

Insider Transactions at Ligand Pharmaceuticals

In other news, insider Andrew Reardon sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $83.04, for a total transaction of $830,400.00. Following the completion of the sale, the insider now owns 22,205 shares in the company, valued at approximately $1,843,903.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Andrew Reardon sold 10,000 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $83.04, for a total transaction of $830,400.00. Following the completion of the transaction, the insider now owns 22,205 shares of the company’s stock, valued at approximately $1,843,903.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen L. Sabba sold 1,893 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $74.30, for a total transaction of $140,649.90. Following the transaction, the director now directly owns 28,926 shares of the company’s stock, valued at approximately $2,149,201.80. The disclosure for this sale can be found here. Insiders sold 27,436 shares of company stock worth $2,303,916 in the last 90 days. Insiders own 10.40% of the company’s stock.

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.