State of New Jersey Common Pension Fund D Trims Holdings in Ligand Pharmaceuticals Incorporated $LGND

Key Points

• State of New Jersey Common Pension Fund D cut its Ligand Pharmaceuticals stake by 50.5% in the fourth quarter, selling 6,832 shares and ending with 6,689 shares valued at about $1.27 million.
• Ligand Pharmaceuticals reported missed quarterly earnings, posting $1.63 EPS versus $1.84 expected and revenue of $51.72 million versus $59.10 million expected, though revenue still rose 14.1% year over year.
• Despite the earnings miss, analysts remain generally positive: seven analysts rate the stock a Buy, with an average Moderate Buy rating and a price target of $257.71.

State of New Jersey Common Pension Fund D reduced its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 50.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,689 shares of the biotechnology company's stock after selling 6,832 shares during the period. State of New Jersey Common Pension Fund D's holdings in Ligand Pharmaceuticals were worth $1,265,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. CIBC Private Wealth Group LLC grew its holdings in Ligand Pharmaceuticals by 86.3% in the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company's stock worth $26,000 after purchasing an additional 69 shares during the period. Richardson Financial Services Inc. lifted its holdings in shares of Ligand Pharmaceuticals by 85.8% during the third quarter. Richardson Financial Services Inc. now owns 210 shares of the biotechnology company's stock valued at $37,000 after purchasing an additional 97 shares during the last quarter. USA Financial Formulas bought a new stake in shares of Ligand Pharmaceuticals in the 4th quarter worth approximately $43,000. First Horizon Corp bought a new stake in shares of Ligand Pharmaceuticals in the 3rd quarter worth approximately $47,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Ligand Pharmaceuticals by 31.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 271 shares of the biotechnology company's stock worth $47,000 after buying an additional 65 shares during the last quarter. Institutional investors own 91.28% of the company's stock.

Ligand Pharmaceuticals Stock Performance

LGND stock opened at $220.48 on Tuesday. The stock's 50 day simple moving average is $213.25 and its 200 day simple moving average is $201.04. The company has a current ratio of 21.28, a quick ratio of 20.95 and a debt-to-equity ratio of 0.45. Ligand Pharmaceuticals Incorporated has a 12-month low of $98.89 and a 12-month high of $247.38. The stock has a market capitalization of $4.42 billion, a PE ratio of 29.92, a price-to-earnings-growth ratio of 1.80 and a beta of 1.20.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last posted its earnings results on Thursday, May 14th. The biotechnology company reported $1.63 EPS for the quarter, missing analysts' consensus estimates of $1.84 by ($0.21). Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.The business had revenue of $51.72 million during the quarter, compared to the consensus estimate of $59.10 million. During the same period in the previous year, the business posted $1.33 EPS. The firm's revenue for the quarter was up 14.1% on a year-over-year basis. As a group, research analysts forecast that Ligand Pharmaceuticals Incorporated will post 5.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Citigroup lifted their price objective on Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a "buy" rating in a research note on Wednesday, April 15th. Weiss Ratings raised Ligand Pharmaceuticals from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. Oppenheimer raised their price target on Ligand Pharmaceuticals from $275.00 to $277.00 and gave the company an "outperform" rating in a report on Friday, February 27th. Wall Street Zen lowered Ligand Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Saturday, March 7th. Finally, Bank of America began coverage on shares of Ligand Pharmaceuticals in a research note on Wednesday, March 11th. They issued a "buy" rating and a $244.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $257.71.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director Stephen L. Sabba sold 2,034 shares of the firm's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $201.50, for a total value of $409,851.00. Following the transaction, the director directly owned 33,793 shares of the company's stock, valued at approximately $6,809,289.50. This trade represents a 5.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Andrew Reardon sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $206.35, for a total transaction of $1,031,750.00. Following the completion of the transaction, the insider directly owned 36,869 shares in the company, valued at approximately $7,607,918.15. The trade was a 11.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 35,448 shares of company stock valued at $7,450,977 over the last ninety days. Company insiders own 7.00% of the company's stock.

Ligand Pharmaceuticals Company 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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