Kornitzer Capital Management Inc. KS lowered its position in shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 4.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 110,763 shares of the biotechnology company’s stock after selling 4,690 shares during the period. Kornitzer Capital Management Inc. KS owned 0.56% of Ligand Pharmaceuticals worth $12,644,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in Ligand Pharmaceuticals by 18.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 207,306 shares of the biotechnology company’s stock worth $28,132,000 after buying an additional 32,096 shares during the last quarter. Norges Bank acquired a new position in Ligand Pharmaceuticals during the fourth quarter worth about $31,990,000. Geode Capital Management LLC raised its position in Ligand Pharmaceuticals by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 248,460 shares of the biotechnology company’s stock worth $33,716,000 after acquiring an additional 20,769 shares during the last quarter. Virtu Financial LLC raised its position in Ligand Pharmaceuticals by 119.1% during the first quarter. Virtu Financial LLC now owns 3,429 shares of the biotechnology company’s stock worth $431,000 after acquiring an additional 1,864 shares during the last quarter. Finally, Harvest Investment Services LLC acquired a new position in Ligand Pharmaceuticals during the first quarter worth about $665,000.

In related news, CEO John L. Higgins bought 1,850 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was purchased at an average cost of $95.45 per share, for a total transaction of $176,582.50. Following the completion of the acquisition, the chief executive officer now owns 146,749 shares in the company, valued at $14,007,192.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jason Aryeh bought 1,000 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was bought at an average price of $109.51 per share, with a total value of $109,510.00. Following the completion of the acquisition, the director now owns 59,868 shares of the company’s stock, valued at approximately $6,556,144.68. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 9,600 shares of company stock valued at $955,507. Insiders own 8.40% of the company’s stock.

LGND has been the subject of a number of research reports. HC Wainwright restated a “buy” rating and set a $214.00 target price (down previously from $254.00) on shares of Ligand Pharmaceuticals in a research report on Friday, May 3rd. Barclays cut their target price on shares of Ligand Pharmaceuticals from $131.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. BidaskClub cut shares of Ligand Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday, August 2nd. Zacks Investment Research cut shares of Ligand Pharmaceuticals from a “hold” rating to a “strong sell” rating and set a $95.00 target price for the company. in a research report on Thursday, August 8th. Finally, ValuEngine cut shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $165.83.

Shares of NASDAQ LGND traded down $1.74 during midday trading on Wednesday, reaching $92.31. 11,713 shares of the stock were exchanged, compared to its average volume of 516,729. The stock has a market capitalization of $1.81 billion, a P/E ratio of 14.78, a P/E/G ratio of 2.06 and a beta of 1.30. Ligand Pharmaceuticals Inc. has a 52-week low of $88.23 and a 52-week high of $278.62. The company has a debt-to-equity ratio of 0.60, a current ratio of 13.23 and a quick ratio of 13.15. The stock’s 50 day simple moving average is $107.73.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Tuesday, July 30th. The biotechnology company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.30. The business had revenue of $24.99 million during the quarter, compared to the consensus estimate of $21.01 million. Ligand Pharmaceuticals had a net margin of 389.58% and a return on equity of 11.24%. The company’s quarterly revenue was down 72.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.59 earnings per share. Research analysts predict that Ligand Pharmaceuticals Inc. will post 2.28 earnings per share for the current year.

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; Aziyo portfolio of 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.

Read More: What are the risks of holding treasury bonds?

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

Receive News & Ratings for Ligand Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ligand Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.