Principal Financial Group Inc. Acquires 3,284 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Principal Financial Group Inc. increased its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 3.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 102,874 shares of the biotechnology company's stock after purchasing an additional 3,284 shares during the quarter. Principal Financial Group Inc. owned 0.53% of Ligand Pharmaceuticals worth $10,816,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Lisanti Capital Growth LLC grew its stake in shares of Ligand Pharmaceuticals by 34.8% in the first quarter. Lisanti Capital Growth LLC now owns 52,575 shares of the biotechnology company's stock valued at $5,528,000 after buying an additional 13,565 shares in the last quarter. CWC Advisors LLC. boosted its stake in shares of Ligand Pharmaceuticals by 31.5% in the first quarter. CWC Advisors LLC. now owns 3,430 shares of the biotechnology company's stock valued at $361,000 after buying an additional 821 shares during the period. Villere ST Denis J & Co. LLC increased its position in shares of Ligand Pharmaceuticals by 0.6% in the first quarter. Villere ST Denis J & Co. LLC now owns 288,827 shares of the biotechnology company's stock worth $30,367,000 after purchasing an additional 1,783 shares during the period. Illinois Municipal Retirement Fund raised its position in shares of Ligand Pharmaceuticals by 9.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 10,725 shares of the biotechnology company's stock valued at $1,128,000 after buying an additional 902 shares in the last quarter. Finally, Advisor Resource Council acquired a new stake in shares of Ligand Pharmaceuticals in the 1st quarter valued at $2,244,000. 91.28% of the stock is owned by institutional investors.

Ligand Pharmaceuticals Price Performance

NASDAQ LGND opened at $121.70 on Monday. Ligand Pharmaceuticals Incorporated has a one year low of $90.29 and a one year high of $129.90. The business's fifty day moving average is $109.40 and its 200-day moving average is $110.20. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of -17.09 and a beta of 0.84.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.10. Ligand Pharmaceuticals had a negative return on equity of 7.83% and a negative net margin of 73.07%. The business had revenue of $45.33 million for the quarter, compared to analysts' expectations of $37.84 million. During the same period in the previous year, the business posted $3.84 EPS. Research analysts expect that Ligand Pharmaceuticals Incorporated will post 1.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Octavio Espinoza bought 1,500 shares of the business's stock in a transaction on Friday, May 9th. The stock was acquired at an average price of $104.06 per share, with a total value of $156,090.00. Following the completion of the purchase, the chief financial officer directly owned 27,932 shares in the company, valued at $2,906,603.92. This represents a 5.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Todd C. Davis bought 9,510 shares of the business's stock in a transaction 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 purchase, the chief executive officer owned 161,234 shares of the company's stock, valued at $16,961,816.80. This represents a 6.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 2,934 shares of company stock worth $335,060 over the last three months. Company insiders own 7.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Stifel Nicolaus started coverage on shares of Ligand Pharmaceuticals in a report on Thursday, April 10th. They set a "buy" rating and a $143.00 price target for the company. Wall Street Zen lowered Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. Finally, Oppenheimer raised their price target on shares of Ligand Pharmaceuticals from $142.00 to $145.00 and gave the company an "outperform" rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $147.17.

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.

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