CenterBook Partners LP Purchases 44,760 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

CenterBook Partners LP boosted its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 190.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 68,299 shares of the biotechnology company's stock after buying an additional 44,760 shares during the quarter. CenterBook Partners LP owned approximately 0.35% of Ligand Pharmaceuticals worth $7,181,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LGND. Massachusetts Financial Services Co. MA bought a new position in Ligand Pharmaceuticals in the 4th quarter worth $29,652,000. Vanguard Group Inc. raised its holdings in Ligand Pharmaceuticals by 5.8% in the 4th quarter. Vanguard Group Inc. now owns 2,085,627 shares of the biotechnology company's stock worth $223,475,000 after purchasing an additional 115,005 shares in the last quarter. Franklin Resources Inc. raised its holdings in Ligand Pharmaceuticals by 95.9% in the 4th quarter. Franklin Resources Inc. now owns 185,402 shares of the biotechnology company's stock worth $19,866,000 after purchasing an additional 90,743 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in Ligand Pharmaceuticals by 70.0% in the 4th quarter. Driehaus Capital Management LLC now owns 162,771 shares of the biotechnology company's stock worth $17,441,000 after purchasing an additional 67,033 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Ligand Pharmaceuticals by 17,612.5% in the 1st quarter. GAMMA Investing LLC now owns 62,348 shares of the biotechnology company's stock worth $6,555,000 after purchasing an additional 61,996 shares in the last quarter. 91.28% of the stock is currently owned by institutional investors.

Ligand Pharmaceuticals Stock Performance

Shares of LGND stock opened at $125.86 on Tuesday. Ligand Pharmaceuticals Incorporated has a one year low of $90.29 and a one year high of $129.90. The company's 50-day moving average is $109.40 and its 200 day moving average is $110.20. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -17.82 and a beta of 0.84.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.23 by $0.10. The company had revenue of $45.33 million for the quarter, compared to the consensus estimate of $37.84 million. Ligand Pharmaceuticals had a negative net margin of 73.07% and a negative return on equity of 7.83%. During the same period in the prior year, the firm posted $3.84 EPS. As a group, research analysts predict that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $104.00, for a total transaction of $104,000.00. Following the sale, the insider owned 32,903 shares in the company, valued at approximately $3,421,912. This trade represents a 2.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Octavio Espinoza bought 1,500 shares of the stock in a transaction dated Friday, May 9th. The stock was bought at an average cost of $104.06 per share, for a total transaction of $156,090.00. Following the acquisition, the chief financial officer directly owned 27,932 shares of the company's stock, valued at approximately $2,906,603.92. This represents a 5.67% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 2,934 shares of company stock worth $335,060. 7.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. Oppenheimer upped their target price on shares of Ligand Pharmaceuticals from $142.00 to $145.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Finally, Stifel Nicolaus assumed coverage on shares of Ligand Pharmaceuticals in a research report on Thursday, April 10th. They issued a "buy" rating and a $143.00 target price on the stock. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $147.17.

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.

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