Falcon Point Capital LLC cut its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 2.9% during the second quarter, Holdings Channel reports. The firm owned 121,311 shares of the biotechnology company’s stock after selling 3,686 shares during the period. Ligand Pharmaceuticals makes up about 2.0% of Falcon Point Capital LLC’s investment portfolio, making the stock its 18th largest position. Falcon Point Capital LLC’s holdings in Ligand Pharmaceuticals were worth $14,727,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Tyers Asset Management LLC increased its stake in Ligand Pharmaceuticals by 23.3% in the first quarter. Tyers Asset Management LLC now owns 1,036 shares of the biotechnology company’s stock valued at $110,000 after buying an additional 196 shares during the period. LS Investment Advisors LLC increased its stake in Ligand Pharmaceuticals by 43.2% in the first quarter. LS Investment Advisors LLC now owns 1,197 shares of the biotechnology company’s stock valued at $127,000 after buying an additional 361 shares during the period. Flinton Capital Management LLC increased its stake in Ligand Pharmaceuticals by 23.3% in the first quarter. Flinton Capital Management LLC now owns 1,258 shares of the biotechnology company’s stock valued at $133,000 after buying an additional 238 shares during the period. Strs Ohio increased 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 buying an additional 900 shares during the period. Finally, First Mercantile Trust Co. increased 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 buying an additional 20 shares during the period.

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ LGND) opened at 125.12 on Friday. The company has a market capitalization of $2.63 billion, a P/E ratio of 305.17 and a beta of 0.96. The company has a 50-day moving average price of $121.43 and a 200 day moving average price of $111.81. Ligand Pharmaceuticals Incorporated has a 1-year low of $87.50 and a 1-year high of $129.94.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings results on Monday, August 7th. The biotechnology company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.42. The company had revenue of $28 million during the quarter, compared to analysts’ expectations of $24.40 million. Ligand Pharmaceuticals had a return on equity of 5.05% and a net margin of 7.39%. The firm’s quarterly revenue was up 43.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 earnings per share. Equities research analysts anticipate that Ligand Pharmaceuticals Incorporated will post $2.95 EPS for the current year.

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Several analysts recently issued reports on the company. BidaskClub upgraded Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 23rd. Zacks Investment Research upgraded Ligand Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Monday, May 1st. Stephens restated an “overweight” rating and issued a $137.00 price target (up from $125.00) on shares of Ligand Pharmaceuticals in a research note on Wednesday. Deutsche Bank AG boosted their price target on Ligand Pharmaceuticals from $103.00 to $104.00 and gave the company a “hold” rating in a research note on Tuesday. Finally, Roth Capital set a $120.00 price target on Ligand Pharmaceuticals and gave the company a “buy” rating in a research note on Monday, May 22nd. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $133.71.

In related news, CEO John L. Higgins sold 4,666 shares of Ligand Pharmaceuticals stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $120.00, for a total transaction of $559,920.00. Following the completion of the sale, the chief executive officer now owns 143,837 shares of the company’s stock, valued at $17,260,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John L. Higgins sold 12,000 shares of Ligand Pharmaceuticals stock in a transaction on Friday, June 9th. The shares were sold at an average price of $114.87, for a total value of $1,378,440.00. Following the sale, the chief executive officer now directly owns 151,171 shares of the company’s stock, valued at approximately $17,365,012.77. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,874 shares of company stock valued at $5,766,176. 14.70% of the stock is owned by company insiders.

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

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