Fmr LLC Raises Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Fmr LLC lifted its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 550.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,749 shares of the biotechnology company’s stock after purchasing an additional 10,789 shares during the quarter. Fmr LLC owned about 0.07% of Ligand Pharmaceuticals worth $1,276,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Innealta Capital LLC purchased a new stake in Ligand Pharmaceuticals in the 2nd quarter valued at about $31,000. Rothschild Investment LLC acquired a new position in Ligand Pharmaceuticals during the second quarter worth approximately $34,000. Headlands Technologies LLC boosted its holdings in shares of Ligand Pharmaceuticals by 21.7% in the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company’s stock valued at $64,000 after purchasing an additional 135 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Ligand Pharmaceuticals by 23.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock valued at $64,000 after buying an additional 125 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Ligand Pharmaceuticals during the 2nd quarter valued at $67,000. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Stock Performance

Shares of NASDAQ:LGND opened at $122.34 on Tuesday. The business’s 50-day simple moving average is $114.39 and its 200 day simple moving average is $102.59. The company has a market cap of $2.31 billion, a P/E ratio of 48.74 and a beta of 1.01. Ligand Pharmaceuticals Incorporated has a one year low of $67.36 and a one year high of $129.90.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Barclays lifted their target price on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Monday. Benchmark raised their price objective on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 8th. HC Wainwright reiterated a “buy” rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th. Oppenheimer raised their price target on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Royal Bank of Canada boosted their price objective on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $147.00.

Insider Buying and Selling at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza sold 1,275 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $103.94, for a total value of $132,523.50. Following the transaction, the chief financial officer now owns 24,610 shares in the company, valued at approximately $2,557,963.40. The trade was a 4.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Matthew E. Korenberg sold 6,275 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $104.10, for a total value of $653,227.50. Following the completion of the transaction, the chief operating officer now directly owns 50,777 shares of the company’s stock, valued at $5,285,885.70. This represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,728 shares of company stock valued at $2,271,575 over the last 90 days. 5.90% of the stock is owned by corporate insiders.

About Ligand Pharmaceuticals

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.