Invesco Ltd. Purchases 8,473 Shares of Ligand Pharmaceuticals Incorporated $LGND

Key Points

• Invesco Ltd. has increased its holdings in Ligand Pharmaceuticals by 4.4%, bringing its total ownership to 202,828 shares valued at approximately $21.3 million as of the latest SEC filing.
• Ligand Pharmaceuticals reported earnings of $1.60 per share for the last quarter, exceeding analysts' expectations of $1.54, with revenue rising 14.7% year-over-year to $47.63 million.
• Several analysts have raised their price targets for Ligand Pharmaceuticals, with Royal Bank of Canada increasing theirs from $155 to $185 and maintaining an “outperform” rating.

Invesco Ltd. grew its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 4.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 202,828 shares of the biotechnology company's stock after purchasing an additional 8,473 shares during the quarter. Invesco Ltd. owned approximately 1.05% of Ligand Pharmaceuticals worth $21,325,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Arizona State Retirement System boosted its holdings in Ligand Pharmaceuticals by 2.1% during the 1st quarter. Arizona State Retirement System now owns 5,407 shares of the biotechnology company's stock valued at $568,000 after acquiring an additional 110 shares during the period. Portside Wealth Group LLC boosted its holdings in Ligand Pharmaceuticals by 3.2% during the 1st quarter. Portside Wealth Group LLC now owns 3,575 shares of the biotechnology company's stock valued at $376,000 after acquiring an additional 112 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Ligand Pharmaceuticals by 4.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,516 shares of the biotechnology company's stock valued at $265,000 after acquiring an additional 117 shares during the period. Summit Investment Advisors Inc. boosted its holdings in Ligand Pharmaceuticals by 9.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,811 shares of the biotechnology company's stock valued at $194,000 after acquiring an additional 155 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Ligand Pharmaceuticals by 68.5% during 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. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Stock Performance

NASDAQ LGND opened at $155.25 on Thursday. Ligand Pharmaceuticals Incorporated has a fifty-two week low of $93.58 and a fifty-two week high of $157.54. The stock has a 50 day simple moving average of $129.55 and a two-hundred day simple moving average of $115.77. The stock has a market cap of $3.04 billion, a P/E ratio of -38.81 and a beta of 0.85.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The biotechnology company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.06. Ligand Pharmaceuticals had a negative return on equity of 9.21% and a negative net margin of 40.44%.The business had revenue of $47.63 million during the quarter, compared to analysts' expectations of $43.87 million. During the same quarter last year, the business posted $1.40 EPS. The business's revenue was up 14.7% on a year-over-year basis. Ligand Pharmaceuticals has set its FY 2025 guidance at 6.700-7.000 EPS. Sell-side analysts predict that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on LGND shares. Royal Bank Of Canada increased their target price on Ligand Pharmaceuticals from $155.00 to $185.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Wall Street Zen upgraded Ligand Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Oppenheimer increased their target price on Ligand Pharmaceuticals from $145.00 to $162.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $157.00.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 500 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $114.08, for a total value of $57,040.00. Following the completion of the transaction, the insider owned 31,903 shares in the company, valued at approximately $3,639,494.24. This represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Kozarich sold 467 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $131.88, for a total value of $61,587.96. Following the completion of the transaction, the director owned 45,989 shares of the company's stock, valued at approximately $6,065,029.32. This trade represents a 1.01% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,401 shares of company stock worth $292,648. 7.00% of the stock is owned by insiders.

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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