Comerica Bank Has $3.79 Million Position in Ligand Pharmaceuticals Incorporated (LGND)
Comerica Bank increased its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 29.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,531 shares of the biotechnology company’s stock after purchasing an additional 6,093 shares during the period. Comerica Bank owned 0.13% of Ligand Pharmaceuticals worth $3,791,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. Strs Ohio boosted its stake in Ligand Pharmaceuticals by 225.0% in the second quarter. Strs Ohio now owns 1,300 shares of the biotechnology company’s stock valued at $157,000 after acquiring an additional 900 shares in the last quarter. First Mercantile Trust Co. boosted its stake in Ligand Pharmaceuticals by 1.6% in the second quarter. First Mercantile Trust Co. now owns 1,310 shares of the biotechnology company’s stock valued at $159,000 after acquiring an additional 20 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Ligand Pharmaceuticals in the second quarter valued at $203,000. Harbor Advisors LLC acquired a new position in Ligand Pharmaceuticals in the third quarter valued at $204,000. Finally, Round Table Services LLC acquired a new position in Ligand Pharmaceuticals in the third quarter valued at $205,000.
Several equities analysts have issued reports on LGND shares. BidaskClub downgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Roth Capital upped their target price on shares of Ligand Pharmaceuticals from $120.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, August 8th. Deutsche Bank AG upped their target price on shares of Ligand Pharmaceuticals from $103.00 to $104.00 and gave the company a “hold” rating in a report on Tuesday, August 8th. TheStreet raised shares of Ligand Pharmaceuticals from a “c” rating to a “b-” rating in a report on Monday, August 7th. Finally, Stephens reaffirmed an “overweight” rating and issued a $137.00 target price (up from $125.00) on shares of Ligand Pharmaceuticals in a report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $149.00.
In other news, VP Matthew E. Korenberg sold 6,559 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $142.63, for a total value of $935,510.17. Following the sale, the vice president now directly owns 8,147 shares in the company, valued at $1,162,006.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John L. Higgins sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $130.00, for a total transaction of $650,000.00. Following the completion of the sale, the chief executive officer now owns 144,171 shares in the company, valued at $18,742,230. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,828 shares of company stock valued at $3,045,051. 8.30% of the stock is currently owned by corporate insiders.
Ligand Pharmaceuticals Incorporated (LGND) opened at $133.71 on Friday. The stock has a market cap of $2,821.95, a PE ratio of 100.53, a P/E/G ratio of 2.07 and a beta of 0.94. Ligand Pharmaceuticals Incorporated has a 1-year low of $95.08 and a 1-year high of $149.31. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.05.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Thursday, November 9th. The biotechnology company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.32. Ligand Pharmaceuticals had a net margin of 12.76% and a return on equity of 7.83%. The firm had revenue of $33.38 million during the quarter, compared to analysts’ expectations of $31.04 million. During the same period in the prior year, the company posted $0.62 earnings per share. The firm’s revenue for the quarter was up 54.4% on a year-over-year basis. analysts predict that Ligand Pharmaceuticals Incorporated will post 2.35 EPS for the current fiscal year.
Ligand Pharmaceuticals Company Profile
Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company is involved in the development and licensing of biopharmaceutical assets. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.
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