Burney Co. Increases Stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Burney Co. raised its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 13.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,524 shares of the biotechnology company’s stock after acquiring an additional 416 shares during the period. Burney Co.’s holdings in Ligand Pharmaceuticals were worth $258,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ashford Capital Management Inc. acquired a new position in shares of Ligand Pharmaceuticals during the 1st quarter worth $14,367,000. Stephens Investment Management Group LLC boosted its holdings in Ligand Pharmaceuticals by 41.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 659,434 shares of the biotechnology company’s stock worth $47,097,000 after buying an additional 191,870 shares in the last quarter. Norges Bank acquired a new position in Ligand Pharmaceuticals during the fourth quarter worth about $7,655,000. Villere ST Denis J & Co. LLC increased its holdings in Ligand Pharmaceuticals by 14.6% in the first quarter. Villere ST Denis J & Co. LLC now owns 490,752 shares of the biotechnology company’s stock valued at $35,874,000 after buying an additional 62,701 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Ligand Pharmaceuticals by 129.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 85,195 shares of the biotechnology company’s stock valued at $6,228,000 after acquiring an additional 48,022 shares during the period. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Stock Performance

Shares of NASDAQ:LGND opened at $100.19 on Friday. The business’s fifty day moving average price is $89.74 and its two-hundred day moving average price is $80.72. The stock has a market cap of $1.80 billion, a PE ratio of 19.38 and a beta of 1.01. Ligand Pharmaceuticals Incorporated has a one year low of $49.24 and a one year high of $112.13.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported $3.84 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $3.01. Ligand Pharmaceuticals had a return on equity of 8.52% and a net margin of 79.30%. The business had revenue of $30.90 million for the quarter, compared to analyst estimates of $27.92 million. During the same quarter last year, the company earned $1.96 earnings per share. The business’s revenue for the quarter was down 29.8% compared to the same quarter last year. As a group, equities research analysts predict that Ligand Pharmaceuticals Incorporated will post 3.54 earnings per share for the current fiscal year.

Insider Transactions at Ligand Pharmaceuticals

In related 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 sale, the insider now owns 22,205 shares in the company, valued at $1,843,903.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 10,000 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $83.04, for a total transaction of $830,400.00. Following the transaction, the insider now owns 22,205 shares of the company’s stock, valued at approximately $1,843,903.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Octavio Espinoza sold 5,873 shares of Ligand Pharmaceuticals stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $86.01, for a total value of $505,136.73. Following the completion of the sale, the chief financial officer now directly owns 23,882 shares of the company’s stock, valued at approximately $2,054,090.82. The disclosure for this sale can be found here. Insiders sold a total of 25,403 shares of company stock worth $2,150,882 over the last ninety days. 5.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on LGND shares. Benchmark restated a “buy” rating and issued a $95.00 price target on shares of Ligand Pharmaceuticals in a report on Friday, June 28th. Craig Hallum upped their target price on Ligand Pharmaceuticals from $135.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. HC Wainwright reaffirmed a “buy” rating and set a $144.00 price target on shares of Ligand Pharmaceuticals in a research note on Monday, July 8th. Finally, Royal Bank of Canada initiated coverage on shares of Ligand Pharmaceuticals in a research note on Tuesday, July 30th. They issued an “outperform” rating and a $130.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Ligand Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $127.25.

Ligand Pharmaceuticals 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.