Jacobs Levy Equity Management Inc. Makes New $16.53 Million Investment in Ligand Pharmaceuticals Incorporated $LGND

Key Points

• Jacobs Levy Equity Management Inc. has invested approximately $16.53 million in Ligand Pharmaceuticals, acquiring 157,181 shares, representing 0.82% ownership.
• Several institutional investors have increased their stakes in Ligand Pharmaceuticals, with a total of 91.28% of the stock owned by institutional investors.
• Analysts have a consensus rating of "Buy" for Ligand Pharmaceuticals, with an average price target of $176.50.

Jacobs Levy Equity Management Inc. purchased a new stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 157,181 shares of the biotechnology company's stock, valued at approximately $16,526,000. Jacobs Levy Equity Management Inc. owned 0.82% of Ligand Pharmaceuticals at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Corebridge Financial Inc. lifted its position in Ligand Pharmaceuticals by 1.2% during the 1st quarter. Corebridge Financial Inc. now owns 9,384 shares of the biotechnology company's stock valued at $987,000 after acquiring an additional 109 shares during the period. Arizona State Retirement System raised its holdings in Ligand Pharmaceuticals by 2.1% in the first quarter. Arizona State Retirement System now owns 5,407 shares of the biotechnology company's stock worth $568,000 after buying an additional 110 shares during the last quarter. Portside Wealth Group LLC raised its holdings in Ligand Pharmaceuticals by 3.2% in the first quarter. Portside Wealth Group LLC now owns 3,575 shares of the biotechnology company's stock worth $376,000 after buying an additional 112 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Ligand Pharmaceuticals by 4.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,516 shares of the biotechnology company's stock worth $265,000 after buying an additional 117 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Ligand Pharmaceuticals by 68.5% in the first quarter. GAMMA Investing LLC now owns 593 shares of the biotechnology company's stock worth $62,000 after buying an additional 241 shares during the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on LGND. Wall Street Zen raised shares of Ligand Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Benchmark lifted their target price on shares of Ligand Pharmaceuticals from $160.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. Royal Bank Of Canada lifted their target price on shares of Ligand Pharmaceuticals from $155.00 to $185.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Oppenheimer lifted their target price on shares of Ligand Pharmaceuticals from $167.00 to $190.00 and gave the stock an "outperform" rating in a report on Wednesday, September 3rd. Finally, HC Wainwright lifted their target price on shares of Ligand Pharmaceuticals from $157.00 to $206.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Six investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $176.50.

Insider Activity at Ligand Pharmaceuticals

In related news, insider Andrew Reardon sold 500 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $114.08, for a total transaction of $57,040.00. Following the completion of the sale, the insider directly owned 31,903 shares in the company, valued at approximately $3,639,494.24. The trade was a 1.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John W. Kozarich sold 467 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $162.26, for a total transaction of $75,775.42. Following the sale, the director owned 45,522 shares of the company's stock, valued at $7,386,399.72. This trade represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,368 shares of company stock valued at $311,153 over the last 90 days. 7.00% of the stock is currently owned by company insiders.

Ligand Pharmaceuticals Trading Down 1.8%

NASDAQ LGND traded down $2.97 during trading hours on Friday, hitting $164.09. 102,108 shares of the company's stock traded hands, compared to its average volume of 148,617. The business's fifty day moving average price is $145.07 and its two-hundred day moving average price is $120.81. The firm has a market capitalization of $3.22 billion, a P/E ratio of -41.03 and a beta of 0.96. Ligand Pharmaceuticals Incorporated has a 52 week low of $93.58 and a 52 week high of $169.49.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its earnings results on Thursday, August 7th. The biotechnology company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.06. The company had revenue of $47.63 million during the quarter, compared to analyst estimates of $43.87 million. Ligand Pharmaceuticals had a negative net margin of 40.44% and a negative return on equity of 9.21%. The firm's quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.40 earnings per share. Ligand Pharmaceuticals has set its FY 2025 guidance at 6.700-7.000 EPS. On average, sell-side analysts expect that Ligand Pharmaceuticals Incorporated will post 1.73 EPS for the current fiscal year.

About Ligand Pharmaceuticals

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.