Granahan Investment Management LLC Sells 1,885 Shares of Ligand Pharmaceuticals Incorporated $LGND

Granahan Investment Management LLC lowered its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 7.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,165 shares of the biotechnology company’s stock after selling 1,885 shares during the period. Granahan Investment Management LLC owned 0.12% of Ligand Pharmaceuticals worth $4,825,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of LGND. UBS Group AG grew its stake in Ligand Pharmaceuticals by 27.8% in the fourth quarter. UBS Group AG now owns 143,067 shares of the biotechnology company’s stock valued at $27,050,000 after purchasing an additional 31,081 shares during the last quarter. Legato Capital Management LLC raised its holdings in Ligand Pharmaceuticals by 61.0% in the fourth quarter. Legato Capital Management LLC now owns 26,241 shares of the biotechnology company’s stock worth $4,961,000 after purchasing an additional 9,944 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Ligand Pharmaceuticals by 115.9% during the fourth quarter. Franklin Resources Inc. now owns 496,160 shares of the biotechnology company’s stock valued at $93,809,000 after buying an additional 266,304 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Ligand Pharmaceuticals by 20.1% during the fourth quarter. Fisher Asset Management LLC now owns 130,858 shares of the biotechnology company’s stock valued at $24,741,000 after buying an additional 21,932 shares during the last quarter. Finally, One Capital Management LLC bought a new stake in shares of Ligand Pharmaceuticals in the 4th quarter valued at about $1,756,000. Institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Stock Down 0.5%

LGND stock opened at $300.53 on Friday. The stock has a market capitalization of $6.02 billion, a PE ratio of 40.78, a price-to-earnings-growth ratio of 2.99 and a beta of 1.10. Ligand Pharmaceuticals Incorporated has a 52 week low of $129.55 and a 52 week high of $326.63. The company has a quick ratio of 20.95, a current ratio of 21.28 and a debt-to-equity ratio of 0.45. The firm has a 50 day moving average of $271.93 and a 200 day moving average of $228.46.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Thursday, May 7th. The biotechnology company reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.21). The company had revenue of $51.72 million for the quarter, compared to analyst estimates of $59.10 million. Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 EPS. Sell-side analysts forecast that Ligand Pharmaceuticals Incorporated will post 4.56 earnings per share for the current year.

Insider Activity

In related news, Director John L. Lamattina sold 4,591 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $250.88, for a total value of $1,151,790.08. Following the transaction, the director directly owned 26,969 shares of the company’s stock, valued at $6,765,982.72. This represents a 14.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen L. Sabba sold 2,145 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $254.00, for a total value of $544,830.00. Following the completion of the transaction, the director owned 33,629 shares of the company’s stock, valued at $8,541,766. This trade represents a 6.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 35,698 shares of company stock valued at $9,019,252. 5.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LGND. Stifel Nicolaus lifted their price objective on shares of Ligand Pharmaceuticals from $255.00 to $332.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Royal Bank Of Canada raised their target price on shares of Ligand Pharmaceuticals from $262.00 to $340.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Citigroup started coverage on shares of Ligand Pharmaceuticals in a report on Tuesday. They issued a “buy” rating and a $387.00 price target on the stock. Bank of America upped their price target on Ligand Pharmaceuticals from $266.00 to $388.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Finally, Weiss Ratings lowered Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 15th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $319.00.

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.