Moran Wealth Management LLC Invests $3.85 Million in Ligand Pharmaceuticals Incorporated $LGND

Key Points

• Moran Wealth Management initiated a new position in Ligand Pharmaceuticals, buying 19,306 shares valued at about $3.85 million in the first quarter.
• Ligand Pharmaceuticals reported Q1 earnings below expectations, with EPS of $1.63 versus the $1.84 consensus and revenue of $51.72 million versus $59.10 million expected, though revenue still rose 14.1% year over year.
• Wall Street remains generally constructive on LGND, with seven Buy ratings and a consensus Moderate Buy rating; however, insiders also sold shares recently, including notable sales by Andrew Reardon and Jason Aryeh.

Moran Wealth Management LLC purchased a new stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 19,306 shares of the biotechnology company's stock, valued at approximately $3,854,000. Moran Wealth Management LLC owned approximately 0.10% of Ligand Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in LGND. Keybank National Association OH grew its position in Ligand Pharmaceuticals by 26.9% during the first quarter. Keybank National Association OH now owns 1,874 shares of the biotechnology company's stock worth $374,000 after buying an additional 397 shares during the period. Inspire Investing LLC purchased a new position in Ligand Pharmaceuticals in the first quarter valued at about $181,000. 1492 Capital Management LLC lifted its position in shares of Ligand Pharmaceuticals by 4.4% during the 1st quarter. 1492 Capital Management LLC now owns 1,958 shares of the biotechnology company's stock valued at $391,000 after acquiring an additional 82 shares during the period. Louisiana State Employees Retirement System acquired a new stake in shares of Ligand Pharmaceuticals during the 1st quarter valued at approximately $1,737,000. Finally, BTC Capital Management Inc. boosted its stake in shares of Ligand Pharmaceuticals by 11.5% during the 1st quarter. BTC Capital Management Inc. now owns 2,390 shares of the biotechnology company's stock worth $477,000 after acquiring an additional 247 shares in the last quarter. Institutional investors and hedge funds own 91.28% of the company's stock.

Ligand Pharmaceuticals Price Performance

LGND stock opened at $319.55 on Monday. The stock's 50 day moving average price is $247.41 and its 200 day moving average price is $216.82. The firm has a market cap of $6.40 billion, a P/E ratio of 43.36, a PEG ratio of 3.57 and a beta of 1.10. The company has a debt-to-equity ratio of 0.45, a quick ratio of 20.95 and a current ratio of 21.28. Ligand Pharmaceuticals Incorporated has a 1 year low of $112.41 and a 1 year high of $320.99.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $59.10 million. During the same period in the previous year, the business posted $1.33 EPS. The business's quarterly revenue was up 14.1% on a year-over-year basis. On average, sell-side analysts expect that Ligand Pharmaceuticals Incorporated will post 4.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

LGND has been the topic of a number of research reports. Royal Bank Of Canada upped their price target on Ligand Pharmaceuticals from $252.00 to $262.00 and gave the stock an "outperform" rating in a report on Friday, May 8th. HC Wainwright boosted their target price on Ligand Pharmaceuticals from $243.00 to $289.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Weiss Ratings downgraded Ligand Pharmaceuticals from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 15th. Citigroup upped their target price on Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a "buy" rating in a report on Wednesday, April 15th. Finally, Bank of America assumed coverage on Ligand Pharmaceuticals in a research report on Wednesday, March 11th. They issued a "buy" rating and a $244.00 price target for the company. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Ligand Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $257.71.

Insider Activity

In related news, insider Andrew Reardon sold 5,000 shares of Ligand Pharmaceuticals stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $227.06, for a total transaction of $1,135,300.00. Following the completion of the sale, the insider owned 41,382 shares in the company, valued at approximately $9,396,196.92. This trade represents a 10.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jason Aryeh sold 4,500 shares of Ligand Pharmaceuticals stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $250.00, for a total transaction of $1,125,000.00. Following the sale, the director owned 102,580 shares of the company's stock, valued at approximately $25,645,000. This trade represents a 4.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,698 shares of company stock worth $7,452,852 in the last quarter. Corporate insiders own 7.00% of the company's stock.

Ligand Pharmaceuticals Profile

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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