Vanguard Group Inc. Reduces Stock Holdings in Ligand Pharmaceuticals Incorporated $LGND

Key Points

• Vanguard Group Inc. reduced its stake in Ligand Pharmaceuticals by 1.4%, selling 29,895 shares during the 1st quarter, resulting in ownership of approximately 2,055,732 shares valued at $216.14 million.
• Insider Andrew Reardon sold 500 shares at $114.08 each, while Director John W. Kozarich sold 934 shares at $125.00, indicating a trend of insider selling amidst fluctuating stock prices.
• Ligand Pharmaceuticals reported $1.60 earnings per share for the last quarter, exceeding analysts' expectations, with revenue increasing by 14.7% year-over-year to $47.63 million.

Vanguard Group Inc. lowered its stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 1.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,055,732 shares of the biotechnology company's stock after selling 29,895 shares during the quarter. Vanguard Group Inc. owned about 10.66% of Ligand Pharmaceuticals worth $216,140,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of LGND. Driehaus Capital Management LLC lifted its position in Ligand Pharmaceuticals by 70.0% in the fourth quarter. Driehaus Capital Management LLC now owns 162,771 shares of the biotechnology company's stock valued at $17,441,000 after buying an additional 67,033 shares during the last quarter. GAMMA Investing LLC lifted its position in Ligand Pharmaceuticals by 17,612.5% in the first quarter. GAMMA Investing LLC now owns 62,348 shares of the biotechnology company's stock valued at $6,555,000 after buying an additional 61,996 shares during the last quarter. Advisor Resource Council acquired a new position in Ligand Pharmaceuticals in the first quarter valued at about $2,244,000. Raymond James Financial Inc. acquired a new position in Ligand Pharmaceuticals in the fourth quarter valued at about $2,339,000. Finally, Congress Asset Management Co. lifted its position in Ligand Pharmaceuticals by 3.4% in the first quarter. Congress Asset Management Co. now owns 642,712 shares of the biotechnology company's stock valued at $67,575,000 after buying an additional 21,230 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, Director John W. Kozarich sold 467 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $131.88, for a total transaction of $61,587.96. Following the sale, the director directly owned 45,989 shares in the company, valued at approximately $6,065,029.32. This represents a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew Reardon sold 500 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $114.08, for a total transaction of $57,040.00. Following the sale, the insider owned 31,903 shares in the company, valued at $3,639,494.24. The trade was a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,401 shares of company stock worth $292,648 over the last 90 days. Insiders own 7.00% of the company's stock.

Ligand Pharmaceuticals Stock Up 1.1%

NASDAQ:LGND traded up $1.77 on Friday, reaching $159.08. 234,074 shares of the company's stock were exchanged, compared to its average volume of 310,662. The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of -39.77 and a beta of 0.85. The business has a fifty day moving average of $131.34 and a 200-day moving average of $116.35. Ligand Pharmaceuticals Incorporated has a 52-week low of $93.58 and a 52-week high of $161.93.

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