Essex Investment Management Co. LLC Lowers Stock Holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Essex Investment Management Co. LLC lowered its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 5.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 65,247 shares of the biotechnology company’s stock after selling 3,901 shares during the quarter. Ligand Pharmaceuticals makes up 1.3% of Essex Investment Management Co. LLC’s holdings, making the stock its 14th largest position. Essex Investment Management Co. LLC’s holdings in Ligand Pharmaceuticals were worth $6,991,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Yousif Capital Management LLC grew its stake in Ligand Pharmaceuticals by 1.4% during the 4th quarter. Yousif Capital Management LLC now owns 7,193 shares of the biotechnology company’s stock worth $771,000 after purchasing an additional 96 shares in the last quarter. US Bancorp DE raised its stake in Ligand Pharmaceuticals by 14.8% during the 4th quarter. US Bancorp DE now owns 758 shares of the biotechnology company’s stock valued at $81,000 after acquiring an additional 98 shares during the last quarter. Creative Planning raised its stake in Ligand Pharmaceuticals by 4.0% during the 3rd quarter. Creative Planning now owns 2,896 shares of the biotechnology company’s stock valued at $290,000 after acquiring an additional 111 shares during the last quarter. Mutual of America Capital Management LLC raised its stake in Ligand Pharmaceuticals by 4.2% during the 4th quarter. Mutual of America Capital Management LLC now owns 2,862 shares of the biotechnology company’s stock valued at $307,000 after acquiring an additional 115 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in Ligand Pharmaceuticals by 2.4% during the 4th quarter. Arizona State Retirement System now owns 5,297 shares of the biotechnology company’s stock valued at $568,000 after acquiring an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Price Performance

Shares of NASDAQ:LGND opened at $114.83 on Friday. Ligand Pharmaceuticals Incorporated has a 12 month low of $67.72 and a 12 month high of $129.90. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 45.75 and a beta of 1.12. The stock’s 50 day moving average price is $114.37 and its 200 day moving average price is $111.64.

Insiders Place Their Bets

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 5,000 shares of Ligand Pharmaceuticals stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total transaction of $575,150.00. Following the completion of the sale, the chief financial officer now owns 18,879 shares of the company’s stock, valued at $2,171,651.37. This trade represents a 20.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 5.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

LGND has been the topic of several recent analyst reports. Barclays boosted their target price on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Royal Bank of Canada increased their target price on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. HC Wainwright reissued a “buy” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Finally, Benchmark reissued a “buy” rating and set a $135.00 price target on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $147.00.

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.