Parametric Portfolio Associates LLC Has $22.85 Million Position in Ligand Pharmaceuticals Incorporated (LGND)
Parametric Portfolio Associates LLC increased its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 14.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 188,240 shares of the biotechnology company’s stock after acquiring an additional 24,040 shares during the quarter. Parametric Portfolio Associates LLC owned about 0.90% of Ligand Pharmaceuticals worth $22,852,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strs Ohio raised its stake in Ligand Pharmaceuticals by 225.0% during the 2nd quarter. Strs Ohio now owns 1,300 shares of the biotechnology company’s stock worth $157,000 after acquiring an additional 900 shares during the period. First Mercantile Trust Co. boosted its position in shares of Ligand Pharmaceuticals by 1.6% in the second quarter. First Mercantile Trust Co. now owns 1,310 shares of the biotechnology company’s stock worth $159,000 after purchasing an additional 20 shares during the period. Stephens Inc. AR boosted its position in shares of Ligand Pharmaceuticals by 62.6% in the first quarter. Stephens Inc. AR now owns 1,611 shares of the biotechnology company’s stock worth $171,000 after purchasing an additional 620 shares during the period. Ameritas Investment Partners Inc. bought a new position in shares of Ligand Pharmaceuticals in the first quarter worth approximately $174,000. Finally, Teacher Retirement System of Texas bought a new position in shares of Ligand Pharmaceuticals in the second quarter worth approximately $203,000.
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Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) opened at 136.01 on Tuesday. The firm’s 50-day moving average is $131.78 and its 200-day moving average is $118.57. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 331.73 and a beta of 1.01. Ligand Pharmaceuticals Incorporated has a one year low of $87.50 and a one year high of $138.49.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its earnings results on Monday, August 7th. The biotechnology company reported $0.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.42. Ligand Pharmaceuticals had a return on equity of 5.05% and a net margin of 7.39%. The firm had revenue of $28.00 million for the quarter, compared to analysts’ expectations of $24.40 million. During the same period last year, the firm earned $0.50 EPS. The company’s quarterly revenue was up 43.6% on a year-over-year basis. Equities research analysts forecast that Ligand Pharmaceuticals Incorporated will post $2.95 EPS for the current year.
In related news, CEO John L. Higgins sold 5,000 shares of the business’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $130.00, for a total value of $650,000.00. Following the completion of the sale, the chief executive officer now owns 144,171 shares of the company’s stock, valued at approximately $18,742,230. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Charles S. Berkman sold 18,625 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $126.96, for a total transaction of $2,364,630.00. Following the transaction, the vice president now owns 24,423 shares of the company’s stock, valued at $3,100,744.08. The disclosure for this sale can be found here. Insiders sold a total of 37,208 shares of company stock valued at $4,733,796 in the last ninety days. 14.70% of the stock is currently owned by insiders.
A number of brokerages have recently issued reports on LGND. HC Wainwright reissued a “buy” rating and issued a $150.00 price objective on shares of Ligand Pharmaceuticals in a research note on Tuesday, September 5th. Zacks Investment Research upgraded shares of Ligand Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 11th. BidaskClub downgraded shares of Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $103.00 target price (up previously from $100.00) on shares of Ligand Pharmaceuticals in a report on Monday, July 17th. Finally, ValuEngine upgraded Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, June 22nd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Ligand Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $133.50.
About Ligand Pharmaceuticals
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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