Geode Capital Management LLC Buys 19,400 Shares of Ligand Pharmaceuticals Incorporated $LGND

Key Points

• Geode Capital Management increased its Ligand Pharmaceuticals stake by 4.1% in the fourth quarter, buying 19,400 additional shares and lifting its position to 493,589 shares worth about $93.3 million.
• Ligand Pharmaceuticals reported mixed quarterly results, with earnings per share of $1.63 and revenue of $51.72 million both falling short of analyst expectations, though revenue still rose 14.1% year over year.
• Despite recent insider selling and a slightly lower rating from one firm, the stock has a moderate buy consensus overall, with seven Buy ratings and an average price target of $257.71.

Geode Capital Management LLC raised its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 4.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 493,589 shares of the biotechnology company's stock after buying an additional 19,400 shares during the quarter. Geode Capital Management LLC owned about 2.51% of Ligand Pharmaceuticals worth $93,336,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC raised its stake in Ligand Pharmaceuticals by 86.3% in the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company's stock valued at $26,000 after buying an additional 69 shares during the last quarter. USA Financial Formulas purchased a new stake in Ligand Pharmaceuticals in the fourth quarter valued at about $43,000. Smartleaf Asset Management LLC raised its stake in Ligand Pharmaceuticals by 31.6% in the third quarter. Smartleaf Asset Management LLC now owns 271 shares of the biotechnology company's stock valued at $47,000 after buying an additional 65 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in Ligand Pharmaceuticals in the third quarter valued at about $52,000. Finally, IFP Advisors Inc raised its stake in Ligand Pharmaceuticals by 1,040.0% in the fourth quarter. IFP Advisors Inc now owns 342 shares of the biotechnology company's stock valued at $65,000 after buying an additional 312 shares during the last quarter. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Trading Up 0.5%

Shares of NASDAQ:LGND opened at $237.00 on Friday. Ligand Pharmaceuticals Incorporated has a 52-week low of $103.43 and a 52-week high of $247.38. The stock has a market cap of $4.75 billion, a price-to-earnings ratio of 32.16, a PEG ratio of 2.52 and a beta of 1.17. The company has a quick ratio of 20.95, a current ratio of 21.28 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $220.63 and a 200-day moving average price of $205.16.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The biotechnology company reported $1.63 earnings per share (EPS) 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 firm had revenue of $51.72 million during the quarter, compared to analysts' expectations of $59.10 million. During the same quarter in the previous year, the business earned $1.33 earnings per share. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. Equities analysts predict that Ligand Pharmaceuticals Incorporated will post 4.47 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Oppenheimer increased their price target on Ligand Pharmaceuticals from $275.00 to $277.00 and gave the company an "outperform" rating in a research note on Friday, February 27th. Weiss Ratings cut Ligand Pharmaceuticals from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 15th. HC Wainwright increased their price target on Ligand Pharmaceuticals from $243.00 to $289.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Wall Street Zen cut Ligand Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Saturday, March 7th. Finally, Bank of America assumed coverage on Ligand Pharmaceuticals in a research note on Wednesday, March 11th. They issued a "buy" rating and a $244.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $257.71.

Insider Transactions at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza sold 3,057 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $225.00, for a total value of $687,825.00. Following the completion of the transaction, the chief financial officer directly owned 21,010 shares in the company, valued at $4,727,250. This trade represents a 12.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Andrew Reardon sold 5,000 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $227.06, for a total value of $1,135,300.00. Following the completion of the transaction, the insider owned 41,382 shares of the company's stock, valued at approximately $9,396,196.92. The trade was a 10.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 22,025 shares of company stock valued at $4,851,266. 7.00% of the stock is owned by company insiders.

Ligand Pharmaceuticals 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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