Octavio Espinoza Sells 2,104 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Stock

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) CFO Octavio Espinoza sold 2,104 shares of Ligand Pharmaceuticals stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $116.37, for a total value of $244,842.48. Following the completion of the sale, the chief financial officer now directly owns 20,647 shares of the company’s stock, valued at approximately $2,402,691.39. This represents a 9.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Ligand Pharmaceuticals Trading Down 4.4 %

Shares of LGND stock opened at $109.19 on Friday. The company has a market cap of $2.06 billion, a PE ratio of 43.50 and a beta of 1.01. The company’s fifty day simple moving average is $116.15 and its 200-day simple moving average is $104.07. Ligand Pharmaceuticals Incorporated has a 52 week low of $67.53 and a 52 week high of $129.90.

Analyst Upgrades and Downgrades

LGND has been the subject of several recent analyst reports. HC Wainwright restated a “buy” rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th. Benchmark reaffirmed a “buy” rating and set a $135.00 price target on shares of Ligand Pharmaceuticals in a research report on Monday, December 23rd. Barclays lifted their price target on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Oppenheimer upped their price objective on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Royal Bank of Canada lifted their target price on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $147.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LGND. Principal Financial Group Inc. boosted its position in shares of Ligand Pharmaceuticals by 5.0% in the third quarter. Principal Financial Group Inc. now owns 93,208 shares of the biotechnology company’s stock worth $9,329,000 after buying an additional 4,439 shares during the period. Franklin Resources Inc. boosted its holdings in Ligand Pharmaceuticals by 503.5% in the 3rd quarter. Franklin Resources Inc. now owns 94,659 shares of the biotechnology company’s stock worth $9,793,000 after acquiring an additional 78,973 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Ligand Pharmaceuticals in the third quarter valued at approximately $180,000. Geode Capital Management LLC grew its position in Ligand Pharmaceuticals by 5.5% in the third quarter. Geode Capital Management LLC now owns 428,270 shares of the biotechnology company’s stock valued at $42,874,000 after acquiring an additional 22,495 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Ligand Pharmaceuticals by 20.0% during the third quarter. Barclays PLC now owns 43,456 shares of the biotechnology company’s stock worth $4,349,000 after purchasing an additional 7,247 shares in the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Company Profile

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.