Louisiana State Employees Retirement System lowered its position in shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 1.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,500 shares of the biotechnology company’s stock after selling 100 shares during the period. Louisiana State Employees Retirement System’s holdings in Ligand Pharmaceuticals were worth $691,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of LGND. Exane Derivatives purchased a new position in Ligand Pharmaceuticals during the fourth quarter valued at approximately $36,000. Pearl River Capital LLC purchased a new position in Ligand Pharmaceuticals during the fourth quarter valued at approximately $41,000. Quantamental Technologies LLC purchased a new position in Ligand Pharmaceuticals during the fourth quarter valued at approximately $68,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Ligand Pharmaceuticals during the fourth quarter valued at approximately $68,000. Finally, First Hawaiian Bank grew its stake in Ligand Pharmaceuticals by 22.7% during the fourth quarter. First Hawaiian Bank now owns 584 shares of the biotechnology company’s stock valued at $79,000 after acquiring an additional 108 shares in the last quarter.
A number of research firms have commented on LGND. Zacks Investment Research raised shares of Ligand Pharmaceuticals from a “hold” rating to a “buy” rating and set a $126.00 price target for the company in a research note on Wednesday, January 23rd. HC Wainwright reissued a “buy” rating and issued a $254.00 price target (down previously from $281.00) on shares of Ligand Pharmaceuticals in a research note on Wednesday, March 6th. BidaskClub raised shares of Ligand Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 27th. ValuEngine cut shares of Ligand Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Argus reissued a “buy” rating and issued a $150.00 price target (down previously from $200.00) on shares of Ligand Pharmaceuticals in a research note on Wednesday, February 13th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $212.29.
Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings results on Thursday, February 7th. The biotechnology company reported $1.70 EPS for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.48. Ligand Pharmaceuticals had a net margin of 57.00% and a return on equity of 26.00%. The business had revenue of $59.59 million during the quarter, compared to analysts’ expectations of $52.58 million. During the same quarter in the previous year, the company earned $1.31 EPS. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. As a group, equities research analysts forecast that Ligand Pharmaceuticals Inc. will post 3.24 earnings per share for the current fiscal year.
In other Ligand Pharmaceuticals news, CEO John L. Higgins acquired 2,500 shares of the stock in a transaction dated Wednesday, March 13th. The stock was purchased at an average cost of $114.29 per share, for a total transaction of $285,725.00. Following the acquisition, the chief executive officer now owns 141,399 shares in the company, valued at approximately $16,160,491.71. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 7.80% of the company’s stock.
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About Ligand Pharmaceuticals
Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing and acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Promacta, an oral medicine that increases the number of platelets in the blood; Kyprolis and Evomela, which are used to treat multiple myeloma; Baxdela, a captisol-enabled delafloxacin-IV for the treatment of acute bacterial skin and skin structure infections; Nexterone, a captisol-enabled formulation of amiodarone; Noxafil-IV, a captisol-enabled formulation of posaconazole for IV use; Carnexiv, which is indicated as replacement therapy for oral carbamazepine formulations; bazedoxifene for the treatment of postmenopausal osteoporosis; Aziyo portfolio of commercial pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune diseases; Vivitra for breast cancer; and Bryxta for non-small cell lung cancer.
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