Ligand Pharmaceuticals Incorporated $LGND Holdings Decreased by Granite Investment Partners LLC

Granite Investment Partners LLC lessened its stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 50.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,620 shares of the biotechnology company’s stock after selling 62,842 shares during the period. Granite Investment Partners LLC’s holdings in Ligand Pharmaceuticals were worth $10,915,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its holdings in shares of Ligand Pharmaceuticals by 2.9% in the second quarter. Envestnet Asset Management Inc. now owns 27,377 shares of the biotechnology company’s stock valued at $3,112,000 after acquiring an additional 769 shares in the last quarter. Congress Asset Management Co. raised its holdings in Ligand Pharmaceuticals by 3.0% during the third quarter. Congress Asset Management Co. now owns 667,311 shares of the biotechnology company’s stock worth $118,207,000 after purchasing an additional 19,370 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Ligand Pharmaceuticals by 59.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 541,845 shares of the biotechnology company’s stock worth $95,982,000 after purchasing an additional 202,103 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Ligand Pharmaceuticals by 42.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 108,424 shares of the biotechnology company’s stock valued at $19,416,000 after purchasing an additional 32,379 shares in the last quarter. Finally, Moody Aldrich Partners LLC bought a new position in Ligand Pharmaceuticals during the 3rd quarter valued at $4,585,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

Insider Activity

In related news, Director John W. Kozarich sold 467 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $195.91, for a total value of $91,489.97. Following the completion of the transaction, the director owned 43,187 shares of the company’s stock, valued at approximately $8,460,765.17. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Octavio Espinoza sold 1,804 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $188.31, for a total transaction of $339,711.24. Following the transaction, the chief financial officer owned 26,186 shares in the company, valued at approximately $4,931,085.66. The trade was a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 3,205 shares of company stock valued at $611,192. Corporate insiders own 7.00% of the company’s stock.

Ligand Pharmaceuticals Trading Down 1.3%

Shares of LGND opened at $183.98 on Monday. The business’s 50-day moving average price is $193.87 and its 200 day moving average price is $184.35. The stock has a market capitalization of $3.62 billion, a P/E ratio of 88.88 and a beta of 1.14. Ligand Pharmaceuticals Incorporated has a 1-year low of $93.58 and a 1-year high of $212.49. The company has a current ratio of 24.69, a quick ratio of 24.30 and a debt-to-equity ratio of 0.47.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Citigroup started coverage on Ligand Pharmaceuticals in a report on Tuesday, December 9th. They issued a “buy” rating and a $270.00 price objective for the company. Stifel Nicolaus boosted their price target on shares of Ligand Pharmaceuticals from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Ligand Pharmaceuticals in a report on Monday, December 29th. Oppenheimer raised their price objective on shares of Ligand Pharmaceuticals from $190.00 to $250.00 and gave the company an “outperform” rating in a research report on Monday, November 3rd. Finally, Royal Bank Of Canada boosted their target price on shares of Ligand Pharmaceuticals from $234.00 to $235.00 and gave the stock an “outperform” rating in a report on Wednesday, December 10th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $239.33.

Ligand Pharmaceuticals Profile

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.