Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Shares Sold by Kings Path Partners LLC

Kings Path Partners LLC trimmed its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 38.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,065 shares of the biotechnology company's stock after selling 3,195 shares during the quarter. Kings Path Partners LLC's holdings in Ligand Pharmaceuticals were worth $533,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of LGND. Massachusetts Financial Services Co. MA acquired a new position in Ligand Pharmaceuticals during the 4th quarter worth $29,652,000. Vanguard Group Inc. boosted its position in shares of Ligand Pharmaceuticals by 5.8% during the 4th quarter. Vanguard Group Inc. now owns 2,085,627 shares of the biotechnology company's stock worth $223,475,000 after acquiring an additional 115,005 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Ligand Pharmaceuticals by 95.9% during the 4th quarter. Franklin Resources Inc. now owns 185,402 shares of the biotechnology company's stock worth $19,866,000 after acquiring an additional 90,743 shares in the last quarter. Driehaus Capital Management LLC boosted its position in shares of Ligand Pharmaceuticals by 70.0% during the 4th quarter. Driehaus Capital Management LLC now owns 162,771 shares of the biotechnology company's stock worth $17,441,000 after acquiring an additional 67,033 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Ligand Pharmaceuticals during the 4th quarter worth about $4,960,000. 91.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 5,000 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $115.03, for a total transaction of $575,150.00. Following the sale, the chief financial officer now owns 18,879 shares in the company, valued at approximately $2,171,651.37. This represents a 20.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd C. Davis bought 9,510 shares of the stock in a transaction on Friday, May 9th. The shares were bought at an average price of $105.20 per share, for a total transaction of $1,000,452.00. Following the acquisition, the chief executive officer now owns 161,234 shares in the company, valued at $16,961,816.80. The trade was a 6.27% increase in their position. The disclosure for this purchase can be found here. 5.90% of the stock is currently owned by company insiders.

Ligand Pharmaceuticals Price Performance

Shares of LGND stock traded down $0.27 during trading hours on Monday, reaching $101.92. 71,553 shares of the company's stock were exchanged, compared to its average volume of 116,369. The company has a market cap of $1.97 billion, a P/E ratio of 40.60 and a beta of 0.87. The company's 50 day moving average is $104.67 and its two-hundred day moving average is $111.13. Ligand Pharmaceuticals Incorporated has a 1 year low of $77.43 and a 1 year high of $129.90.

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 analysts' consensus estimates of $1.23 by $0.10. The business had revenue of $45.33 million during the quarter, compared to the consensus estimate of $37.84 million. Ligand Pharmaceuticals had a return on equity of 4.95% and a net margin of 29.68%. During the same period in the prior year, the business posted $3.84 EPS. As a group, analysts predict that Ligand Pharmaceuticals Incorporated will post 1.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

LGND has been the subject of several analyst reports. Oppenheimer upped their price objective on Ligand Pharmaceuticals from $142.00 to $145.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Stifel Nicolaus began coverage on Ligand Pharmaceuticals in a research report on Thursday, April 10th. They issued a "buy" rating and a $143.00 target price for the company. Finally, Wall Street Zen cut 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 seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $146.14.

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.