Ligand Pharmaceuticals Inc. (LGND) Stake Raised by Renaissance Technologies LLC
Renaissance Technologies LLC lifted its position in shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 44.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 754,219 shares of the biotechnology company’s stock after acquiring an additional 230,725 shares during the quarter. Renaissance Technologies LLC’s holdings in Ligand Pharmaceuticals were worth $207,026,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Zacks Investment Management purchased a new stake in shares of Ligand Pharmaceuticals during the 2nd quarter worth about $1,852,000. Macquarie Group Ltd. boosted its stake in shares of Ligand Pharmaceuticals by 2.6% during the 2nd quarter. Macquarie Group Ltd. now owns 397,113 shares of the biotechnology company’s stock worth $82,270,000 after acquiring an additional 9,970 shares in the last quarter. Federated Investors Inc. PA boosted its stake in shares of Ligand Pharmaceuticals by 293.4% during the 2nd quarter. Federated Investors Inc. PA now owns 65,639 shares of the biotechnology company’s stock worth $13,598,000 after acquiring an additional 48,953 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Ligand Pharmaceuticals by 1.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 135,871 shares of the biotechnology company’s stock worth $28,149,000 after acquiring an additional 1,558 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Ligand Pharmaceuticals by 8.3% during the 2nd quarter. BlackRock Inc. now owns 3,264,974 shares of the biotechnology company’s stock worth $676,405,000 after acquiring an additional 251,145 shares in the last quarter.
Several equities research analysts have recently issued reports on LGND shares. HC Wainwright increased their target price on shares of Ligand Pharmaceuticals from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, October 2nd. BidaskClub lowered shares of Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 4th. Argus set a $300.00 target price on shares of Ligand Pharmaceuticals and gave the stock a “buy” rating in a research note on Tuesday, September 11th. They noted that the move was a valuation call. Roth Capital raised shares of Ligand Pharmaceuticals from a “neutral” rating to a “buy” rating and decreased their price target for the company from $250.00 to $195.00 in a research note on Monday, October 29th. Finally, Goldman Sachs Group started coverage on shares of Ligand Pharmaceuticals in a research note on Friday, August 17th. They issued a “neutral” rating and a $256.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $244.43.
Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Thursday, November 8th. The biotechnology company reported $1.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.29. The firm had revenue of $45.66 million for the quarter, compared to analyst estimates of $41.99 million. Ligand Pharmaceuticals had a net margin of 73.78% and a return on equity of 26.17%. Ligand Pharmaceuticals’s quarterly revenue was up 36.8% compared to the same quarter last year. During the same period last year, the company posted $0.69 EPS. Sell-side analysts forecast that Ligand Pharmaceuticals Inc. will post 5.91 EPS for the current year.
In other Ligand Pharmaceuticals news, SVP Charles S. Berkman sold 2,813 shares of the stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $250.69, for a total value of $705,190.97. Following the completion of the sale, the senior vice president now owns 30,576 shares in the company, valued at approximately $7,665,097.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John W. Kozarich sold 2,500 shares of the stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $275.04, for a total transaction of $687,600.00. Following the completion of the sale, the director now owns 26,142 shares of the company’s stock, valued at approximately $7,190,095.68. The disclosure for this sale can be found here. Insiders sold a total of 19,813 shares of company stock worth $5,314,326 over the last ninety days. 7.80% of the stock is currently owned by corporate insiders.
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Ligand Pharmaceuticals Profile
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; 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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