Rhumbline Advisers Sells 1,989 Shares of Ligand Pharmaceuticals Incorporated $LGND

Key Points

• Rhumbline Advisers has reduced its stake in Ligand Pharmaceuticals by 3.3%, selling 1,989 shares and holding a total of 57,456 shares now valued at approximately $6.04 million.
• Several institutional investors, including GAMMA Investing LLC and Exchange Traded Concepts LLC, significantly increased their stakes in Ligand Pharmaceuticals during the first quarter.
• Analysts remain optimistic about Ligand Pharmaceuticals, with multiple firms raising their target prices, indicating a consensus that the stock is a "buy."

Rhumbline Advisers reduced its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 3.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 57,456 shares of the biotechnology company's stock after selling 1,989 shares during the quarter. Rhumbline Advisers owned 0.30% of Ligand Pharmaceuticals worth $6,041,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new stake in shares of Ligand Pharmaceuticals during the first quarter worth about $32,000. GF Fund Management CO. LTD. purchased a new stake in shares of Ligand Pharmaceuticals during the fourth quarter worth about $43,000. GAMMA Investing LLC boosted its holdings in shares of Ligand Pharmaceuticals by 68.5% during the first quarter. GAMMA Investing LLC now owns 593 shares of the biotechnology company's stock worth $62,000 after purchasing an additional 241 shares during the period. Exchange Traded Concepts LLC boosted its holdings in shares of Ligand Pharmaceuticals by 1,289.2% during the first quarter. Exchange Traded Concepts LLC now owns 1,153 shares of the biotechnology company's stock worth $121,000 after purchasing an additional 1,070 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Ligand Pharmaceuticals by 4.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,516 shares of the biotechnology company's stock worth $265,000 after purchasing an additional 117 shares during the period. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Ligand Pharmaceuticals

In other news, insider Andrew Reardon sold 500 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $114.08, for a total transaction of $57,040.00. Following the completion of the transaction, the insider directly owned 31,903 shares in the company, valued at approximately $3,639,494.24. This trade represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John W. Kozarich sold 934 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $125.00, for a total transaction of $116,750.00. Following the transaction, the director owned 46,456 shares of the company's stock, valued at $5,807,000. The trade was a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,368 shares of company stock valued at $311,153 over the last quarter. Company insiders own 7.00% of the company's stock.

Wall Street Analyst Weigh In

LGND has been the subject of a number of analyst reports. Royal Bank Of Canada increased their target price on shares of Ligand Pharmaceuticals from $155.00 to $185.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Benchmark increased their target price on shares of Ligand Pharmaceuticals from $160.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. Wall Street Zen upgraded shares of Ligand Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. HC Wainwright raised their price objective on shares of Ligand Pharmaceuticals from $157.00 to $206.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Oppenheimer raised their price objective on shares of Ligand Pharmaceuticals from $167.00 to $190.00 and gave the stock an "outperform" rating in a report on Wednesday, September 3rd. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Ligand Pharmaceuticals has an average rating of "Buy" and a consensus target price of $176.50.

Ligand Pharmaceuticals Price Performance

Shares of LGND opened at $165.75 on Friday. Ligand Pharmaceuticals Incorporated has a one year low of $93.58 and a one year high of $169.49. The company has a 50-day simple moving average of $146.09 and a two-hundred day simple moving average of $121.13. The firm has a market capitalization of $3.25 billion, a PE ratio of -41.44 and a beta of 0.96.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biotechnology company reported $1.60 EPS for the quarter, topping the consensus estimate 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 business had revenue of $47.63 million during the quarter, compared to analyst estimates of $43.87 million. During the same period last year, the business posted $1.40 earnings per share. Ligand Pharmaceuticals'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. Analysts expect that Ligand Pharmaceuticals Incorporated will post 1.73 EPS for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.