Fisher Asset Management LLC Buys 21,932 Shares of Ligand Pharmaceuticals Incorporated $LGND

Key Points

• Fisher Asset Management increased its stake in Ligand Pharmaceuticals by 20.1% in the fourth quarter, adding 21,932 shares and bringing its holdings to 130,858 shares worth about $24.7 million.
• Analyst sentiment remains constructive overall, with seven Buy ratings and one Hold rating; the consensus rating is “Moderate Buy” and the average price target is $257.71, even as a couple of firms recently downgraded the stock.
• Ligand’s latest earnings missed expectations, reporting $1.63 EPS versus $1.84 expected and revenue of $51.72 million versus $59.10 million forecast, though revenue still rose 14.1% year over year.

Fisher Asset Management LLC grew its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 20.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 130,858 shares of the biotechnology company's stock after acquiring an additional 21,932 shares during the period. Fisher Asset Management LLC owned about 0.66% of Ligand Pharmaceuticals worth $24,741,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC grew its position in shares of Ligand Pharmaceuticals by 2.9% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 2,014 shares of the biotechnology company's stock valued at $357,000 after acquiring an additional 56 shares during the period. Smartleaf Asset Management LLC grew its position in shares of Ligand Pharmaceuticals by 31.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 271 shares of the biotechnology company's stock valued at $47,000 after acquiring an additional 65 shares during the period. CIBC Private Wealth Group LLC grew its position in shares of Ligand Pharmaceuticals by 86.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company's stock valued at $26,000 after acquiring an additional 69 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Ligand Pharmaceuticals by 3.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,688 shares of the biotechnology company's stock valued at $527,000 after acquiring an additional 78 shares during the period. Finally, Arizona State Retirement System grew its position in shares of Ligand Pharmaceuticals by 1.8% during the 3rd quarter. Arizona State Retirement System now owns 5,700 shares of the biotechnology company's stock valued at $1,010,000 after acquiring an additional 103 shares during the period. 91.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on LGND. Wall Street Zen downgraded shares of Ligand Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Saturday, March 7th. Oppenheimer raised their price objective on shares of Ligand Pharmaceuticals from $275.00 to $277.00 and gave the stock an "outperform" rating in a report on Friday, February 27th. Royal Bank Of Canada raised their price objective on shares of Ligand Pharmaceuticals from $252.00 to $262.00 and gave the stock an "outperform" rating in a report on Friday, May 8th. HC Wainwright raised their price objective on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Finally, Weiss Ratings downgraded shares of Ligand Pharmaceuticals from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, May 15th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Ligand Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $257.71.

Insider Activity at Ligand Pharmaceuticals

In other news, Director Stephen L. Sabba sold 1,000 shares of the firm's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $207.87, for a total transaction of $207,870.00. Following the sale, the director owned 32,793 shares in the company, valued at approximately $6,816,680.91. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Octavio Espinoza sold 3,057 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $225.00, for a total transaction of $687,825.00. Following the sale, the chief financial officer owned 21,010 shares in the company, valued at approximately $4,727,250. This trade represents a 12.70% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 37,949 shares of company stock worth $8,014,056. Corporate insiders own 7.00% of the company's stock.

Ligand Pharmaceuticals Stock Performance

Ligand Pharmaceuticals stock opened at $235.33 on Wednesday. The firm's fifty day moving average price is $216.19 and its 200-day moving average price is $203.53. 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 $4.72 billion, a P/E ratio of 31.93, a price-to-earnings-growth ratio of 1.86 and a beta of 1.20. Ligand Pharmaceuticals Incorporated has a fifty-two week low of $98.89 and a fifty-two week high of $247.38.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last posted its quarterly earnings data on Thursday, May 14th. The biotechnology company reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.84 by ($0.21). The company had revenue of $51.72 million for the quarter, compared to analysts' expectations of $59.10 million. Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The business's quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.33 EPS. On average, equities research analysts expect that Ligand Pharmaceuticals Incorporated will post 5.46 earnings per share for the current fiscal year.

About Ligand Pharmaceuticals

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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