Congress Asset Management Co. Grows Stock Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Congress Asset Management Co. grew its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 642,712 shares of the biotechnology company's stock after purchasing an additional 21,230 shares during the quarter. Congress Asset Management Co. owned approximately 3.34% of Ligand Pharmaceuticals worth $67,575,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its stake in Ligand Pharmaceuticals by 119.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company's stock worth $43,000 after purchasing an additional 221 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in Ligand Pharmaceuticals during the 4th quarter worth $43,000. Redwood Park Advisors LLC acquired a new stake in Ligand Pharmaceuticals during the 4th quarter worth $48,000. Sterling Capital Management LLC boosted its stake in Ligand Pharmaceuticals by 825.4% during the 4th quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company's stock worth $59,000 after purchasing an additional 487 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Ligand Pharmaceuticals by 14.8% during the 4th quarter. US Bancorp DE now owns 758 shares of the biotechnology company's stock worth $81,000 after purchasing an additional 98 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company's stock.

Insider Transactions at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, CEO Todd C. Davis purchased 9,510 shares of the stock in a transaction that occurred on Friday, May 9th. The stock was purchased at an average cost of $105.20 per share, with a total value of $1,000,452.00. Following the completion of the acquisition, the chief executive officer now directly owns 161,234 shares of the company's stock, valued at $16,961,816.80. This trade represents a 6.27% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Reardon sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $104.00, for a total value of $104,000.00. Following the completion of the sale, the insider now owns 32,903 shares of the company's stock, valued at approximately $3,421,912. This represents a 2.95% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.90% of the company's stock.

Ligand Pharmaceuticals Stock Up 1.7%

NASDAQ LGND traded up $1.81 during trading on Friday, hitting $105.99. The stock had a trading volume of 91,810 shares, compared to its average volume of 115,851. The company has a market capitalization of $2.04 billion, a PE ratio of 42.23 and a beta of 0.83. The firm has a 50 day moving average price of $104.32 and a 200 day moving average price of $110.81. Ligand Pharmaceuticals Incorporated has a twelve month low of $77.43 and a twelve month high of $129.90.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last released its earnings results on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.10. The company 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 previous year, the company posted $3.84 EPS. On average, sell-side analysts anticipate that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current year.

Wall Street Analyst Weigh In

LGND has been the topic of several analyst reports. Stifel Nicolaus initiated coverage on Ligand Pharmaceuticals in a report on Thursday, April 10th. They set a "buy" rating and a $143.00 price target on the stock. Oppenheimer lifted their price target on Ligand Pharmaceuticals from $142.00 to $145.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Finally, Wall Street Zen lowered Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $146.14.

Ligand Pharmaceuticals Company 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.