Martingale Asset Management L P Sells 11,601 Shares of Ligand Pharmaceuticals Inc. (NASDAQ:LGND)

Martingale Asset Management L P trimmed its stake in Ligand Pharmaceuticals Inc. (NASDAQ:LGND) by 72.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,401 shares of the biotechnology company’s stock after selling 11,601 shares during the quarter. Martingale Asset Management L P’s holdings in Ligand Pharmaceuticals were worth $554,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in LGND. Manchester Capital Management LLC purchased a new position in shares of Ligand Pharmaceuticals in the first quarter worth $26,000. Exane Derivatives purchased a new position in shares of Ligand Pharmaceuticals in the fourth quarter worth $36,000. Pearl River Capital LLC purchased a new position in shares of Ligand Pharmaceuticals in the fourth quarter worth $41,000. Financial Gravity Wealth Inc. purchased a new position in shares of Ligand Pharmaceuticals in the first quarter worth $51,000. Finally, Quantamental Technologies LLC purchased a new position in shares of Ligand Pharmaceuticals in the fourth quarter worth $68,000.

Ligand Pharmaceuticals stock traded up $0.11 during mid-day trading on Friday, reaching $114.15. 960,809 shares of the stock traded hands, compared to its average volume of 341,885. The firm has a market capitalization of $2.24 billion, a PE ratio of 18.18, a PEG ratio of 2.44 and a beta of 1.40. The company has a quick ratio of 8.33, a current ratio of 8.39 and a debt-to-equity ratio of 0.57. Ligand Pharmaceuticals Inc. has a 12-month low of $98.56 and a 12-month high of $278.62. The firm’s 50-day simple moving average is $112.59.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Thursday, May 2nd. The biotechnology company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.28. The company had revenue of $43.48 million during the quarter, compared to analysts’ expectations of $38.28 million. Ligand Pharmaceuticals had a return on equity of 19.21% and a net margin of 320.12%. Ligand Pharmaceuticals’s revenue for the quarter was down 22.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.55 earnings per share. Equities research analysts expect that Ligand Pharmaceuticals Inc. will post 2.34 EPS for the current fiscal year.

Several research firms have recently weighed in on LGND. ValuEngine upgraded Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. HC Wainwright restated a “buy” rating and issued a $214.00 price target (down previously from $254.00) on shares of Ligand Pharmaceuticals in a research note on Friday, May 3rd. Zacks Investment Research cut Ligand Pharmaceuticals from a “buy” rating to a “strong sell” rating in a research note on Tuesday, March 19th. Finally, BidaskClub upgraded Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, March 14th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $195.88.

In related news, Director Jason Aryeh purchased 250 shares of Ligand Pharmaceuticals stock in a transaction on Tuesday, May 14th. The stock was acquired at an average price of $112.51 per share, for a total transaction of $28,127.50. Following the completion of the transaction, the director now directly owns 59,368 shares in the company, valued at approximately $6,679,493.68. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO John L. Higgins purchased 2,500 shares of Ligand Pharmaceuticals stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $113.50 per share, with a total value of $283,750.00. Following the transaction, the chief executive officer now owns 28,042 shares of the company’s stock, valued at $3,182,767. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 4,500 shares of company stock valued at $503,895. 8.40% of the stock is owned by company insiders.

Ligand Pharmaceuticals Profile

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing and acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Promacta, an oral medicine that increases the number of platelets in the blood; Kyprolis and Evomela, which are used to treat multiple myeloma; Baxdela, a captisol-enabled delafloxacin-IV for the treatment of acute bacterial skin and skin structure infections; Nexterone, a captisol-enabled formulation of amiodarone; Noxafil-IV, a captisol-enabled formulation of posaconazole for IV use; Carnexiv, which is indicated as replacement therapy for oral carbamazepine formulations; bazedoxifene for the treatment of postmenopausal osteoporosis; Aziyo portfolio of commercial pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune diseases; Vivitra for breast cancer; and Bryxta for non-small cell lung cancer.

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Institutional Ownership by Quarter for Ligand Pharmaceuticals (NASDAQ:LGND)

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