Impax Asset Management Group plc Sells 60,000 Shares of Ligand Pharmaceuticals Incorporated $LGND

Impax Asset Management Group plc trimmed its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 23.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 200,208 shares of the biotechnology company’s stock after selling 60,000 shares during the period. Impax Asset Management Group plc owned about 1.02% of Ligand Pharmaceuticals worth $35,465,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. Salomon & Ludwin LLC bought a new position in shares of Ligand Pharmaceuticals during the 3rd quarter valued at about $26,000. Richardson Financial Services Inc. raised its holdings in Ligand Pharmaceuticals by 85.8% during the 3rd quarter. Richardson Financial Services Inc. now owns 210 shares of the biotechnology company’s stock worth $37,000 after buying an additional 97 shares during the period. First Horizon Corp bought a new position in Ligand Pharmaceuticals in the third quarter valued at approximately $47,000. Smartleaf Asset Management LLC boosted its holdings in shares of Ligand Pharmaceuticals by 31.6% in the third quarter. Smartleaf Asset Management LLC now owns 271 shares of the biotechnology company’s stock valued at $47,000 after buying an additional 65 shares during the period. Finally, Simplex Trading LLC acquired a new position in shares of Ligand Pharmaceuticals in the second quarter valued at approximately $61,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

Ligand Pharmaceuticals Price Performance

NASDAQ:LGND opened at $187.02 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 24.30 and a current ratio of 24.69. The stock’s 50-day simple moving average is $194.08 and its 200 day simple moving average is $181.50. The company has a market cap of $3.68 billion, a P/E ratio of 90.35 and a beta of 1.14. Ligand Pharmaceuticals Incorporated has a 52-week low of $93.58 and a 52-week high of $212.49.

Analysts Set New Price Targets

A number of equities research analysts recently commented on LGND shares. Citigroup initiated coverage on shares of Ligand Pharmaceuticals in a report on Tuesday, December 9th. They set a “buy” rating and a $270.00 price objective on the stock. HC Wainwright increased their target price on Ligand Pharmaceuticals from $206.00 to $231.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Oppenheimer boosted their price target on Ligand Pharmaceuticals from $190.00 to $250.00 and gave the company an “outperform” rating in a report on Monday, November 3rd. Royal Bank Of Canada upped their price objective on Ligand Pharmaceuticals from $234.00 to $235.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 10th. Finally, Stifel Nicolaus lifted their target price on Ligand Pharmaceuticals from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $239.33.

Insider Activity at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza sold 1,804 shares of the company’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $188.31, for a total transaction of $339,711.24. Following the sale, the chief financial officer owned 26,186 shares in the company, valued at $4,931,085.66. This represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director John W. Kozarich sold 467 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $195.91, for a total transaction of $91,489.97. Following the completion of the transaction, the director directly owned 43,187 shares of the company’s stock, valued at $8,460,765.17. This represents a 1.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,205 shares of company stock worth $611,192 in the last ninety days. Insiders own 7.00% of the company’s stock.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.