Principal Financial Group Inc. Sells 7,210 Shares of Ligand Pharmaceuticals Incorporated $LGND

Principal Financial Group Inc. decreased its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 7.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 94,602 shares of the biotechnology company’s stock after selling 7,210 shares during the period. Principal Financial Group Inc. owned 0.48% of Ligand Pharmaceuticals worth $16,758,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Acuitas Investments LLC raised its position in shares of Ligand Pharmaceuticals by 1,922.9% during the 3rd quarter. Acuitas Investments LLC now owns 402,494 shares of the biotechnology company’s stock valued at $71,298,000 after purchasing an additional 382,597 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Ligand Pharmaceuticals by 59.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 541,845 shares of the biotechnology company’s stock valued at $95,982,000 after acquiring an additional 202,103 shares during the period. Ranger Investment Management L.P. lifted its position in shares of Ligand Pharmaceuticals by 57.8% in the second quarter. Ranger Investment Management L.P. now owns 300,025 shares of the biotechnology company’s stock valued at $34,107,000 after acquiring an additional 109,935 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Ligand Pharmaceuticals by 42.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 108,424 shares of the biotechnology company’s stock worth $19,416,000 after acquiring an additional 32,379 shares during the period. Finally, Invesco Ltd. grew its position in shares of Ligand Pharmaceuticals by 13.3% during the second quarter. Invesco Ltd. now owns 229,858 shares of the biotechnology company’s stock worth $26,130,000 after purchasing an additional 27,030 shares in the last quarter. 91.28% of the stock is currently owned by institutional investors.

Ligand Pharmaceuticals Price Performance

NASDAQ:LGND opened at $186.93 on Tuesday. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 90.30 and a beta of 1.14. The company has a debt-to-equity ratio of 0.47, a current ratio of 24.69 and a quick ratio of 24.30. The business has a 50 day simple moving average of $194.24 and a 200-day simple moving average of $181.14. Ligand Pharmaceuticals Incorporated has a 1 year low of $93.58 and a 1 year high of $212.49.

Insider Buying and Selling

In related news, Director John W. Kozarich sold 467 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $195.91, for a total transaction of $91,489.97. Following the sale, the director owned 43,187 shares of the company’s stock, valued at $8,460,765.17. This trade represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Octavio Espinoza sold 1,804 shares of Ligand Pharmaceuticals stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 26,186 shares in the company, valued at $4,931,085.66. This represents a 6.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 3,205 shares of company stock valued at $611,192 in the last quarter. 7.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Benchmark boosted their price target on Ligand Pharmaceuticals from $175.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, November 7th. HC Wainwright upped their target price on shares of Ligand Pharmaceuticals from $206.00 to $231.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Citigroup initiated coverage on shares of Ligand Pharmaceuticals in a report on Tuesday, December 9th. They issued a “buy” rating and a $270.00 price target on the stock. Stifel Nicolaus increased their price objective on shares of Ligand Pharmaceuticals from $220.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, December 10th. Finally, Oppenheimer lifted their target price on Ligand Pharmaceuticals from $190.00 to $250.00 and gave the stock an “outperform” rating in a report on Monday, November 3rd. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Ligand Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $239.33.

About Ligand Pharmaceuticals

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.