Summit Global Investments Grows Stock Holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Summit Global Investments lifted its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 145.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,825 shares of the biotechnology company's stock after purchasing an additional 6,407 shares during the quarter. Summit Global Investments owned 0.06% of Ligand Pharmaceuticals worth $1,138,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its holdings in Ligand Pharmaceuticals by 119.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company's stock worth $43,000 after buying an additional 221 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Ligand Pharmaceuticals during the fourth quarter worth about $43,000. Redwood Park Advisors LLC acquired a new stake in shares of Ligand Pharmaceuticals in the 4th quarter worth about $48,000. Sterling Capital Management LLC raised its holdings in shares of Ligand Pharmaceuticals by 825.4% in the 4th quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company's stock worth $59,000 after acquiring an additional 487 shares during the last quarter. Finally, US Bancorp DE lifted its position in Ligand Pharmaceuticals by 14.8% in the 4th quarter. US Bancorp DE now owns 758 shares of the biotechnology company's stock valued at $81,000 after acquiring an additional 98 shares in the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on LGND shares. Wall Street Zen downgraded Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Monday, May 12th. Stifel Nicolaus started coverage on Ligand Pharmaceuticals in a report on Thursday, April 10th. They set a "buy" rating and a $143.00 price target for the company. Finally, Oppenheimer raised their price objective on Ligand Pharmaceuticals from $142.00 to $145.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. One 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 company currently has a consensus rating of "Moderate Buy" and a consensus price target of $146.14.

Ligand Pharmaceuticals Trading Up 0.7%

Shares of LGND traded up $0.75 on Wednesday, reaching $103.10. 63,959 shares of the company's stock traded hands, compared to its average volume of 116,091. The stock has a market cap of $1.99 billion, a PE ratio of 41.08 and a beta of 0.87. The stock's 50 day simple moving average is $104.39 and its two-hundred day simple moving average is $111.00. Ligand Pharmaceuticals Incorporated has a 52-week low of $77.43 and a 52-week high of $129.90.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported $1.33 EPS for the quarter, beating analysts' consensus estimates 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 last year, the business posted $3.84 earnings per share. Analysts forecast that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current year.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 1,000 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $104.00, for a total transaction of $104,000.00. Following the completion of the transaction, the insider now directly owns 32,903 shares of the company's stock, valued at approximately $3,421,912. This represents a 2.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Octavio Espinoza acquired 1,500 shares of Ligand Pharmaceuticals stock in a transaction on Friday, May 9th. The shares were purchased at an average cost of $104.06 per share, with a total value of $156,090.00. Following the completion of the acquisition, the chief financial officer now owns 27,932 shares of the company's stock, valued at $2,906,603.92. This trade represents a 5.67% increase in their position. The disclosure for this purchase can be found here. 5.90% of the stock is currently owned by company insiders.

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.