Truist Financial Corp Reduces Holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Truist Financial Corp reduced its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 5.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,496 shares of the biotechnology company’s stock after selling 149 shares during the period. Truist Financial Corp’s holdings in Ligand Pharmaceuticals were worth $267,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Ligand Pharmaceuticals by 23.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company’s stock valued at $64,000 after acquiring an additional 125 shares during the period. KBC Group NV raised its holdings in Ligand Pharmaceuticals by 49.7% in the 4th quarter. KBC Group NV now owns 904 shares of the biotechnology company’s stock worth $97,000 after purchasing an additional 300 shares during the period. SG Americas Securities LLC purchased a new position in Ligand Pharmaceuticals during the fourth quarter valued at $172,000. Wilmington Savings Fund Society FSB bought a new stake in Ligand Pharmaceuticals during the third quarter valued at about $180,000. Finally, Supplemental Annuity Collective Trust of NJ purchased a new stake in Ligand Pharmaceuticals in the fourth quarter worth about $204,000. 91.28% of the stock is currently owned by institutional investors.

Insider Transactions at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza sold 2,104 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $116.37, for a total transaction of $244,842.48. Following the completion of the transaction, the chief financial officer now owns 20,647 shares in the company, valued at $2,402,691.39. This trade represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 5.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on LGND shares. Oppenheimer lifted their price objective on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada lifted their price target on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. HC Wainwright reiterated a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Barclays raised their price objective on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Finally, Benchmark reaffirmed a “buy” rating and issued a $135.00 target price on shares of Ligand Pharmaceuticals in a report on Monday, December 23rd. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Ligand Pharmaceuticals currently has an average rating of “Buy” and an average price target of $147.00.

Ligand Pharmaceuticals Price Performance

LGND stock opened at $115.41 on Thursday. Ligand Pharmaceuticals Incorporated has a 1-year low of $67.72 and a 1-year high of $129.90. The business has a 50 day simple moving average of $114.19 and a two-hundred day simple moving average of $111.45. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 45.98 and a beta of 1.04.

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.