Castleark Management LLC Sells 2,810 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Castleark Management LLC lowered its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 4.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,113 shares of the biotechnology company's stock after selling 2,810 shares during the quarter. Castleark Management LLC owned about 0.34% of Ligand Pharmaceuticals worth $6,977,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Ligand Pharmaceuticals by 26.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,401 shares of the biotechnology company's stock valued at $5,400,000 after acquiring an additional 10,563 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Ligand Pharmaceuticals in the fourth quarter valued at approximately $1,800,000. ProShare Advisors LLC raised its position in shares of Ligand Pharmaceuticals by 32.0% in the fourth quarter. ProShare Advisors LLC now owns 6,144 shares of the biotechnology company's stock valued at $658,000 after purchasing an additional 1,490 shares during the period. Northeast Financial Consultants Inc bought a new stake in shares of Ligand Pharmaceuticals during the 4th quarter worth $201,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Ligand Pharmaceuticals by 6.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,851 shares of the biotechnology company's stock worth $1,056,000 after buying an additional 554 shares during the period. Institutional investors and hedge funds own 91.28% of the company's stock.

Wall Street Analysts Forecast Growth

LGND has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Monday, May 12th. Stifel Nicolaus started coverage on Ligand Pharmaceuticals in a research report on Thursday, April 10th. They issued a "buy" rating and a $143.00 price target on the stock. Finally, Oppenheimer boosted their price objective on Ligand Pharmaceuticals from $142.00 to $145.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. Based on data from MarketBeat, Ligand Pharmaceuticals currently has an average rating of "Moderate Buy" and an average price target of $146.14.

Ligand Pharmaceuticals Stock Performance

Shares of NASDAQ:LGND traded up $0.31 on Monday, hitting $101.60. 107,116 shares of the company were exchanged, compared to its average volume of 116,393. The company's 50 day moving average price is $105.46 and its two-hundred day moving average price is $111.80. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of 40.48 and a beta of 0.87. Ligand Pharmaceuticals Incorporated has a one year low of $77.43 and a one year high of $129.90.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.10. The firm had revenue of $45.33 million for the quarter, compared to analyst estimates of $37.84 million. Ligand Pharmaceuticals had a return on equity of 4.95% and a net margin of 29.68%. During the same period in the previous year, the company posted $3.84 earnings per share. Research analysts predict that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current year.

Insider Activity at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza purchased 1,500 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were acquired at an average price of $104.06 per share, with a total value of $156,090.00. Following the purchase, the chief financial officer now directly owns 27,932 shares in the company, valued at $2,906,603.92. This represents a 5.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Todd C. Davis purchased 9,510 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were purchased at an average cost of $105.20 per share, with a total value of $1,000,452.00. Following the completion of the acquisition, the chief executive officer now directly owns 161,234 shares in the company, valued at $16,961,816.80. The trade was a 6.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.90% of the stock is currently 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.