Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 3.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,752 shares of the biotechnology company’s stock after selling 110 shares during the period. Mutual of America Capital Management LLC’s holdings in Ligand Pharmaceuticals were worth $289,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of LGND. Arizona State Retirement System raised its position in Ligand Pharmaceuticals by 2.1% in the 1st quarter. Arizona State Retirement System now owns 5,407 shares of the biotechnology company’s stock valued at $568,000 after purchasing an additional 110 shares during the last quarter. Portside Wealth Group LLC raised its holdings in shares of Ligand Pharmaceuticals by 3.2% in the first quarter. Portside Wealth Group LLC now owns 3,575 shares of the biotechnology company’s stock valued at $376,000 after buying an additional 112 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Ligand Pharmaceuticals by 4.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,516 shares of the biotechnology company’s stock worth $265,000 after buying an additional 117 shares during the period. Summit Investment Advisors Inc. boosted its stake in shares of Ligand Pharmaceuticals by 9.4% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,811 shares of the biotechnology company’s stock worth $194,000 after buying an additional 155 shares during the period. Finally, Legal & General Group Plc grew its holdings in shares of Ligand Pharmaceuticals by 0.4% during the fourth quarter. Legal & General Group Plc now owns 57,838 shares of the biotechnology company’s stock worth $6,197,000 after buying an additional 214 shares during the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Trading Up 3.9%

NASDAQ LGND opened at $152.69 on Wednesday. Ligand Pharmaceuticals Incorporated has a 12-month low of $93.58 and a 12-month high of $156.53. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of -38.17 and a beta of 0.85. The business’s 50 day moving average is $124.13 and its two-hundred day moving average is $114.26.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its earnings results on Thursday, August 7th. The biotechnology company reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.06. The company had revenue of $47.63 million during the quarter, compared to the consensus estimate of $43.87 million. Ligand Pharmaceuticals had a negative return on equity of 9.21% and a negative net margin of 40.44%. Ligand Pharmaceuticals’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.40 earnings per share. Equities analysts forecast that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

LGND has been the subject of several analyst reports. Oppenheimer upped their price objective on Ligand Pharmaceuticals from $145.00 to $162.00 and gave the company an “outperform” rating in a research note on Wednesday, July 30th. Wall Street Zen raised Ligand Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Royal Bank Of Canada increased their price target on Ligand Pharmaceuticals from $155.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, Ligand Pharmaceuticals has an average rating of “Buy” and a consensus target price of $157.00.

Insider Activity

In other news, Director John W. Kozarich sold 467 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $131.88, for a total transaction of $61,587.96. Following the sale, the director owned 45,989 shares of the company’s stock, valued at $6,065,029.32. The trade was a 1.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew Reardon sold 500 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $114.08, for a total value of $57,040.00. Following the completion of the sale, the insider owned 31,903 shares in the company, valued at approximately $3,639,494.24. This represents a 1.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,401 shares of company stock valued at $396,648 in the last quarter. Company insiders own 7.00% of the company’s stock.

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.