AQR Capital Management LLC Cuts Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

AQR Capital Management LLC trimmed its stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 78.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,924 shares of the biotechnology company’s stock after selling 17,641 shares during the period. AQR Capital Management LLC’s holdings in Ligand Pharmaceuticals were worth $407,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Public Sector Pension Investment Board grew its holdings in Ligand Pharmaceuticals by 10.9% in the second quarter. Public Sector Pension Investment Board now owns 37,247 shares of the biotechnology company’s stock worth $3,138,000 after purchasing an additional 3,649 shares during the last quarter. Profund Advisors LLC acquired a new stake in shares of Ligand Pharmaceuticals in the 2nd quarter worth $266,000. Sei Investments Co. grew its stake in Ligand Pharmaceuticals by 34.1% during the 2nd quarter. Sei Investments Co. now owns 48,065 shares of the biotechnology company’s stock worth $4,050,000 after buying an additional 12,224 shares during the last quarter. Benjamin F. Edwards & Company Inc. acquired a new position in Ligand Pharmaceuticals during the 2nd quarter valued at about $67,000. Finally, Dimensional Fund Advisors LP raised its stake in Ligand Pharmaceuticals by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 708,624 shares of the biotechnology company’s stock valued at $59,707,000 after buying an additional 44,543 shares during the last quarter. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on LGND. Oppenheimer assumed coverage on shares of Ligand Pharmaceuticals in a report on Thursday, October 3rd. They set an “outperform” rating and a $135.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $144.00 price objective on shares of Ligand Pharmaceuticals in a research note on Thursday, August 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Craig Hallum increased their price target on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Benchmark raised their price target on shares of Ligand Pharmaceuticals from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $131.80.

Ligand Pharmaceuticals Stock Up 0.9 %

Ligand Pharmaceuticals stock opened at $104.39 on Wednesday. The company’s 50 day moving average is $102.46 and its two-hundred day moving average is $91.12. The firm has a market cap of $1.88 billion, a PE ratio of 20.19 and a beta of 1.00. Ligand Pharmaceuticals Incorporated has a 52-week low of $49.24 and a 52-week high of $112.13.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.34. Ligand Pharmaceuticals had a net margin of 29.69% and a return on equity of 7.91%. The firm had revenue of $41.50 million during the quarter, compared to the consensus estimate of $33.04 million. During the same quarter in the previous year, the firm posted $1.10 earnings per share. The company’s revenue was up 57.2% compared to the same quarter last year. On average, equities research analysts anticipate that Ligand Pharmaceuticals Incorporated will post 3.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Andrew Reardon sold 2,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $99.60, for a total transaction of $199,200.00. Following the sale, the insider now owns 22,534 shares of the company’s stock, valued at $2,244,386.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Andrew Reardon sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $99.60, for a total transaction of $199,200.00. Following the completion of the transaction, the insider now owns 22,534 shares of the company’s stock, valued at approximately $2,244,386.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Matthew E. Korenberg sold 11,389 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $105.61, for a total value of $1,202,792.29. Following the sale, the chief operating officer now owns 49,510 shares of the company’s stock, valued at $5,228,751.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,613 shares of company stock worth $5,255,692. 5.90% of the stock is owned by corporate insiders.

Ligand Pharmaceuticals Profile

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, engages in the development and licensing of biopharmaceutical assets worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; Filspari, a dual endothelin and angiotensin II receptor antagonist in development for rare kidney diseases and non-immunosuppressive treatment indicated for immunoglobulin A nephropathy; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.