Penn Capital Management Company LLC Purchases 4,212 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Penn Capital Management Company LLC lifted its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 4.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 104,430 shares of the biotechnology company's stock after buying an additional 4,212 shares during the period. Penn Capital Management Company LLC owned about 0.55% of Ligand Pharmaceuticals worth $11,190,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of LGND. Massachusetts Financial Services Co. MA acquired a new position in Ligand Pharmaceuticals during the fourth quarter worth about $29,652,000. Vanguard Group Inc. increased its position in Ligand Pharmaceuticals by 5.8% during the 4th quarter. Vanguard Group Inc. now owns 2,085,627 shares of the biotechnology company's stock worth $223,475,000 after purchasing an additional 115,005 shares in the last quarter. Franklin Resources Inc. lifted its stake in Ligand Pharmaceuticals by 95.9% in the 4th quarter. Franklin Resources Inc. now owns 185,402 shares of the biotechnology company's stock valued at $19,866,000 after purchasing an additional 90,743 shares during the last quarter. Norges Bank acquired a new stake in Ligand Pharmaceuticals in the fourth quarter valued at approximately $4,960,000. Finally, Fisher Asset Management LLC grew its stake in shares of Ligand Pharmaceuticals by 68.9% during the fourth quarter. Fisher Asset Management LLC now owns 100,638 shares of the biotechnology company's stock worth $10,783,000 after buying an additional 41,064 shares during the last quarter. 91.28% of the stock is currently owned by institutional investors.

Ligand Pharmaceuticals Stock Up 1.5 %

LGND traded up $1.64 during trading on Tuesday, reaching $110.52. 25,761 shares of the stock traded hands, compared to its average volume of 119,981. The stock has a market capitalization of $2.13 billion, a PE ratio of 44.03 and a beta of 1.07. The stock's 50-day moving average is $108.52 and its 200 day moving average is $112.43. Ligand Pharmaceuticals Incorporated has a 12 month low of $69.51 and a 12 month high of $129.90.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus assumed coverage on Ligand Pharmaceuticals in a research report on Thursday, April 10th. They set a "buy" rating and a $143.00 price objective on the stock. StockNews.com raised Ligand Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Tuesday, April 15th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Ligand Pharmaceuticals 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 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 completion of the sale, the chief financial officer now owns 18,879 shares in the company, valued at $2,171,651.37. The trade was a 20.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 5.90% of the stock is currently owned by corporate 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.