Dimensional Fund Advisors LP Trims Stake in Ligand Pharmaceuticals Incorporated $LGND

Key Points

• Dimensional Fund Advisors reduced its Ligand Pharmaceuticals stake by 1.8% in the first quarter, selling 7,762 shares. It still held 425,230 shares worth approximately $84.9 million, representing about 2.12% of the company.
• Other institutional investors increased their positions, and institutional ownership reached 91.28%. Analysts remain broadly positive, with seven Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $319.
• LGND shares opened at $296.29 after gaining 2.9%, near their 52-week high of $326.63. The company’s latest quarterly results missed revenue and earnings expectations, while insiders sold 30,231 shares worth $7.75 million during the quarter.

Dimensional Fund Advisors LP lessened its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 425,230 shares of the biotechnology company's stock after selling 7,762 shares during the quarter. Dimensional Fund Advisors LP owned approximately 2.12% of Ligand Pharmaceuticals worth $84,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. lifted its holdings in Ligand Pharmaceuticals by 115.9% during the fourth quarter. Franklin Resources Inc. now owns 496,160 shares of the biotechnology company's stock valued at $93,809,000 after purchasing an additional 266,304 shares in the last quarter. Invesco Ltd. raised its position in shares of Ligand Pharmaceuticals by 64.6% during the 3rd quarter. Invesco Ltd. now owns 378,295 shares of the biotechnology company's stock valued at $67,011,000 after purchasing an additional 148,437 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of Ligand Pharmaceuticals by 385,028.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 146,349 shares of the biotechnology company's stock valued at $27,670,000 after purchasing an additional 146,311 shares during the period. Fiera Capital Corp purchased a new position in shares of Ligand Pharmaceuticals during the 4th quarter valued at $24,813,000. Finally, Nomura Holdings Inc. purchased a new position in shares of Ligand Pharmaceuticals during the 3rd quarter valued at $21,498,000. Institutional investors own 91.28% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on LGND shares. Weiss Ratings lowered Ligand Pharmaceuticals from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 15th. Bank of America upped their price target on Ligand Pharmaceuticals from $266.00 to $388.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Royal Bank Of Canada increased their price objective on shares of Ligand Pharmaceuticals from $262.00 to $340.00 and gave the company an "outperform" rating in a report on Wednesday, July 15th. Citigroup began coverage on shares of Ligand Pharmaceuticals in a report on Tuesday, July 21st. They issued a "buy" rating and a $387.00 target price on the stock. Finally, HC Wainwright upped their target price on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $319.00.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 5,000 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $227.06, for a total transaction of $1,135,300.00. Following the sale, the insider owned 41,382 shares of the company's stock, valued at approximately $9,396,196.92. This trade represents a 10.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jason Aryeh sold 4,500 shares of the company's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $250.00, for a total value of $1,125,000.00. Following the sale, the director owned 102,580 shares of the company's stock, valued at $25,645,000. This trade represents a 4.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 30,231 shares of company stock worth $7,754,451 over the last quarter. Corporate insiders own 5.60% of the company's stock.

Ligand Pharmaceuticals Stock Up 2.9%

Shares of NASDAQ LGND opened at $296.29 on Friday. Ligand Pharmaceuticals Incorporated has a 1 year low of $129.55 and a 1 year high of $326.63. The firm has a 50-day simple moving average of $278.38 and a two-hundred day simple moving average of $231.36. The company has a market cap of $5.94 billion, a P/E ratio of 40.20, a PEG ratio of 2.85 and a beta of 1.10. The company has a debt-to-equity ratio of 0.45, a current ratio of 21.28 and a quick ratio of 20.95.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last released 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 business had revenue of $51.72 million for the quarter, compared to the consensus estimate of $59.10 million. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 earnings per share. Research analysts anticipate that Ligand Pharmaceuticals Incorporated will post 4.56 earnings per share for the current year.

Ligand Pharmaceuticals Company 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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