3,485 Shares in Ligand Pharmaceuticals Incorporated $LGND Purchased by Argent Capital Management LLC

Key Points

• Argent Capital Management initiated a position in Ligand Pharmaceuticals during the first quarter, purchasing 3,485 shares valued at approximately $696,000. Institutional investors collectively own 91.28% of the company.
• Ligand reported quarterly earnings of $1.63 per share and revenue of $51.72 million, missing analyst estimates of $1.84 EPS and $59.10 million in revenue, although revenue increased 14.1% year over year.
• Analysts remain broadly positive, with seven Buy ratings and one Hold rating and a consensus price target of $319.00. However, insiders sold 30,231 shares worth approximately $7.75 million over the past 90 days.

Argent Capital Management LLC acquired a new position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,485 shares of the biotechnology company's stock, valued at approximately $696,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC increased its stake in shares of Ligand Pharmaceuticals by 86.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company's stock valued at $26,000 after buying an additional 69 shares during the period. Kestra Advisory Services LLC acquired a new stake in Ligand Pharmaceuticals in the fourth quarter worth about $31,000. JPL Wealth Management LLC acquired a new stake in Ligand Pharmaceuticals in the third quarter worth about $52,000. Covestor Ltd increased its position in Ligand Pharmaceuticals by 17,050.0% in the fourth quarter. Covestor Ltd now owns 343 shares of the biotechnology company's stock worth $65,000 after purchasing an additional 341 shares during the period. Finally, IFP Advisors Inc raised its holdings in Ligand Pharmaceuticals by 1,040.0% during the 4th quarter. IFP Advisors Inc now owns 342 shares of the biotechnology company's stock worth $65,000 after purchasing an additional 312 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company's stock.

Ligand Pharmaceuticals Stock Down 3.0%

Shares of NASDAQ LGND opened at $287.54 on Friday. Ligand Pharmaceuticals Incorporated has a 52-week low of $129.55 and a 52-week high of $326.63. The company has a debt-to-equity ratio of 0.45, a quick ratio of 20.95 and a current ratio of 21.28. The stock has a market cap of $5.76 billion, a P/E ratio of 39.01, a P/E/G ratio of 2.84 and a beta of 1.10. The firm has a 50 day moving average price of $279.54 and a 200 day moving average price of $231.75.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last posted its earnings results on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.21). Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.The firm had revenue of $51.72 million during the quarter, compared to analyst estimates of $59.10 million. During the same quarter last year, the business posted $1.33 earnings per share. The company's revenue for the quarter was up 14.1% on a year-over-year basis. Analysts expect that Ligand Pharmaceuticals Incorporated will post 4.56 EPS for the current year.

Insider Activity at Ligand Pharmaceuticals

In other news, Director John L. Lamattina sold 4,591 shares of Ligand Pharmaceuticals stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $250.88, for a total transaction of $1,151,790.08. Following the transaction, the director owned 26,969 shares in the company, valued at $6,765,982.72. The trade was a 14.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jason Aryeh sold 4,500 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $250.00, for a total value of $1,125,000.00. Following the completion of the transaction, the director owned 102,580 shares of the company's stock, valued at $25,645,000. This represents a 4.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,231 shares of company stock valued at $7,754,451 over the last 90 days. Insiders own 5.60% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on LGND shares. Bank of America upped their target price on shares of Ligand Pharmaceuticals from $266.00 to $388.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. Royal Bank Of Canada lifted their price target on shares of Ligand Pharmaceuticals from $262.00 to $340.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. HC Wainwright boosted their price target on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Stifel Nicolaus increased their price objective on shares of Ligand Pharmaceuticals from $255.00 to $332.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. Finally, Weiss Ratings cut shares of Ligand Pharmaceuticals from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 15th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $319.00.

Ligand Pharmaceuticals Profile

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company's product offerings center around several core platforms.

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