Envestnet Asset Management Inc. Sells 60,587 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Ligand Pharmaceuticals by 69.5%, now holding 26,608 shares worth approximately $2.8 million.
• Ligand Pharmaceuticals reported an EPS of $1.33 for the recent quarter, surpassing expectations by $0.10, with revenues of $45.33 million.
• The stock has recently been rated with a "Moderate Buy" consensus by analysts, with a price target of $147.17 and varying ratings from "sell" to "buy".

Envestnet Asset Management Inc. decreased its stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 69.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,608 shares of the biotechnology company's stock after selling 60,587 shares during the period. Envestnet Asset Management Inc. owned about 0.14% of Ligand Pharmaceuticals worth $2,798,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in LGND. Opal Wealth Advisors LLC acquired a new position in Ligand Pharmaceuticals in the 1st quarter valued at approximately $32,000. GF Fund Management CO. LTD. acquired a new position in Ligand Pharmaceuticals in the 4th quarter valued at approximately $43,000. Redwood Park Advisors LLC acquired a new position in Ligand Pharmaceuticals in the 4th quarter valued at approximately $48,000. Sterling Capital Management LLC increased its position in Ligand Pharmaceuticals by 825.4% in the 4th quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company's stock valued at $59,000 after acquiring an additional 487 shares during the period. Finally, GAMMA Investing LLC increased its position in Ligand Pharmaceuticals by 68.5% in the 1st quarter. GAMMA Investing LLC now owns 593 shares of the biotechnology company's stock valued at $62,000 after acquiring an additional 241 shares during the period. Institutional investors own 91.28% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on LGND shares. Stifel Nicolaus started coverage on shares of Ligand Pharmaceuticals in a research report on Thursday, April 10th. They set a "buy" rating and a $143.00 price objective for the company. Oppenheimer increased their price objective on shares of Ligand Pharmaceuticals from $145.00 to $162.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Wall Street Zen cut shares of Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Ligand Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $150.00.

Ligand Pharmaceuticals Trading Down 0.7%

NASDAQ LGND traded down $0.98 on Thursday, hitting $134.26. 76,712 shares of the company were exchanged, compared to its average volume of 123,921. The company has a market cap of $2.59 billion, a PE ratio of -18.86 and a beta of 0.84. Ligand Pharmaceuticals Incorporated has a 12 month low of $90.29 and a 12 month high of $143.13. The stock has a fifty day moving average of $116.95 and a 200-day moving average of $112.43.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last issued its earnings results on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.10. The business had revenue of $45.33 million for the quarter, compared to analyst estimates 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 earned $3.84 earnings per share. On average, analysts expect that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current year.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director John W. Kozarich sold 934 shares of Ligand Pharmaceuticals stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $125.00, for a total value of $116,750.00. Following the sale, the director owned 46,456 shares of the company's stock, valued at approximately $5,807,000. The trade was a 1.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Andrew Reardon sold 1,000 shares of Ligand Pharmaceuticals stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $104.00, for a total transaction of $104,000.00. Following the completion of the sale, the insider directly owned 32,903 shares in the company, valued at approximately $3,421,912. This represents a 2.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,934 shares of company stock valued at $335,060 over the last three months. Corporate insiders own 7.00% of the company's stock.

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.