JPMorgan Chase & Co. Sells 18,690 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

JPMorgan Chase & Co. reduced its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 33.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,761 shares of the biotechnology company's stock after selling 18,690 shares during the period. JPMorgan Chase & Co. owned about 0.20% of Ligand Pharmaceuticals worth $4,046,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Smartleaf Asset Management LLC grew its stake in Ligand Pharmaceuticals by 119.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company's stock valued at $43,000 after acquiring an additional 221 shares in the last quarter. US Bancorp DE boosted its stake in shares of Ligand Pharmaceuticals by 14.8% during the 4th quarter. US Bancorp DE now owns 758 shares of the biotechnology company's stock valued at $81,000 after buying an additional 98 shares during the period. KBC Group NV increased its stake in shares of Ligand Pharmaceuticals by 49.7% in the fourth quarter. KBC Group NV now owns 904 shares of the biotechnology company's stock worth $97,000 after acquiring an additional 300 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Ligand Pharmaceuticals in the fourth quarter worth $172,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Ligand Pharmaceuticals during the third quarter worth $180,000. Institutional investors and hedge funds own 91.28% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. StockNews.com raised Ligand Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Tuesday, April 15th. Stifel Nicolaus assumed coverage on Ligand Pharmaceuticals in a research note on Thursday, April 10th. They issued a "buy" rating and a $143.00 price target for the company. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $146.43.

Insiders Place Their Bets

In other news, CFO Octavio Espinoza sold 5,000 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total value of $575,150.00. Following the transaction, the chief financial officer now owns 18,879 shares of the company's stock, valued at $2,171,651.37. This trade represents a 20.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 5.90% of the company's stock.

Ligand Pharmaceuticals Stock Performance

Shares of LGND traded down $3.25 during trading hours on Friday, hitting $105.31. 35,447 shares of the company were exchanged, compared to its average volume of 120,052. The firm's 50 day moving average is $109.02 and its 200-day moving average is $112.21. Ligand Pharmaceuticals Incorporated has a 52 week low of $69.51 and a 52 week high of $129.90. The company has a market cap of $2.03 billion, a PE ratio of 41.93 and a beta of 1.07.

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.