Ligand Pharmaceuticals Incorporated $LGND Shares Sold by Stephens Investment Management Group LLC

Key Points

• Stephens Investment Management Group slightly reduced its Ligand Pharmaceuticals stake by 1.3% in the first quarter, but it still holds 494,670 shares valued at about $98.8 million, making LGND its 11th-largest position.
• Insider selling has been notable, with executive Andrew Reardon and director Stephen L. Sabba among those who sold shares recently; insiders sold 30,698 shares worth about $7.45 million over the past three months.
• Despite a recent earnings miss on both EPS and revenue, Wall Street remains largely positive on LGND, with 7 Buy ratings, a consensus Moderate Buy, and an average price target of $257.71.

Stephens Investment Management Group LLC trimmed its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 494,670 shares of the biotechnology company's stock after selling 6,370 shares during the quarter. Ligand Pharmaceuticals makes up 1.4% of Stephens Investment Management Group LLC's portfolio, making the stock its 11th biggest position. Stephens Investment Management Group LLC owned 2.47% of Ligand Pharmaceuticals worth $98,761,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Maryland State Retirement & Pension System raised its stake in shares of Ligand Pharmaceuticals by 2.2% in the 4th quarter. Maryland State Retirement & Pension System now owns 2,872 shares of the biotechnology company's stock valued at $543,000 after purchasing an additional 61 shares in the last quarter. CIBC Private Wealth Group LLC grew 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 worth $26,000 after purchasing an additional 69 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Ligand Pharmaceuticals by 3.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,688 shares of the biotechnology company's stock valued at $527,000 after buying an additional 78 shares during the last quarter. Cerity Partners LLC increased its holdings in Ligand Pharmaceuticals by 5.4% in the fourth quarter. Cerity Partners LLC now owns 1,531 shares of the biotechnology company's stock valued at $289,000 after buying an additional 79 shares during the last quarter. Finally, 1492 Capital Management LLC raised its stake in Ligand Pharmaceuticals by 4.4% during the first quarter. 1492 Capital Management LLC now owns 1,958 shares of the biotechnology company's stock valued at $391,000 after buying an additional 82 shares in the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Ligand Pharmaceuticals

In related news, insider Andrew Reardon sold 5,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $227.06, for a total value of $1,135,300.00. Following the sale, the insider owned 41,382 shares of the company's stock, valued at $9,396,196.92. This trade represents a 10.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen L. Sabba sold 2,145 shares of Ligand Pharmaceuticals stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $254.00, for a total transaction of $544,830.00. Following the completion of the sale, the director owned 33,629 shares in the company, valued at approximately $8,541,766. This represents a 6.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,698 shares of company stock valued at $7,452,852 over the last three months. 7.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

LGND has been the topic of a number of research analyst reports. Bank of America assumed coverage on Ligand Pharmaceuticals in a report on Wednesday, March 11th. They set a "buy" rating and a $244.00 target price on the stock. Royal Bank Of Canada boosted their price target on Ligand Pharmaceuticals from $252.00 to $262.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Wall Street Zen cut Ligand Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Saturday, March 7th. HC Wainwright raised their price objective on Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Finally, Citigroup lifted their price objective on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the stock a "buy" rating in a report on Wednesday, April 15th. Seven 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, the company has a consensus rating of "Moderate Buy" and an average target price of $257.71.

Ligand Pharmaceuticals Price Performance

NASDAQ:LGND opened at $319.55 on Friday. The firm has a market capitalization of $6.40 billion, a PE ratio of 43.36, a price-to-earnings-growth ratio of 3.57 and a beta of 1.10. The stock has a 50 day moving average of $247.41 and a 200-day moving average of $216.65. Ligand Pharmaceuticals Incorporated has a 52 week low of $112.41 and a 52 week high of $320.99. The company has a current ratio of 21.28, a quick ratio of 20.95 and a debt-to-equity ratio of 0.45.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share for the quarter, missing analysts' consensus estimates of $1.84 by ($0.21). Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.The company had revenue of $51.72 million for the quarter, compared to analyst estimates of $59.10 million. During the same quarter in the previous year, the company posted $1.33 earnings per share. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. Analysts predict that Ligand Pharmaceuticals Incorporated will post 4.25 EPS for the current 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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