Federated Hermes Inc. Reduces Stock Holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Federated Hermes Inc. lowered its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 20.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 38,964 shares of the biotechnology company’s stock after selling 10,060 shares during the period. Federated Hermes Inc. owned 0.22% of Ligand Pharmaceuticals worth $2,783,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Pacer Advisors Inc. boosted its stake in shares of Ligand Pharmaceuticals by 59.1% during the fourth quarter. Pacer Advisors Inc. now owns 325,727 shares of the biotechnology company’s stock valued at $23,263,000 after acquiring an additional 121,049 shares during the last quarter. Impax Asset Management Group plc boosted its stake in shares of Ligand Pharmaceuticals by 11.3% during the fourth quarter. Impax Asset Management Group plc now owns 205,208 shares of the biotechnology company’s stock valued at $14,656,000 after acquiring an additional 20,888 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Ligand Pharmaceuticals by 98.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 37,173 shares of the biotechnology company’s stock worth $2,655,000 after buying an additional 18,472 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Ligand Pharmaceuticals by 356.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 2,012 shares of the biotechnology company’s stock worth $144,000 after buying an additional 1,571 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Ligand Pharmaceuticals by 43.0% in the 3rd quarter. Deutsche Bank AG now owns 136,229 shares of the biotechnology company’s stock worth $8,163,000 after buying an additional 40,958 shares during the last quarter. Institutional investors and hedge funds own 91.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $144.00 price target on shares of Ligand Pharmaceuticals in a research note on Thursday, February 29th. Benchmark reissued a “buy” rating and issued a $95.00 price target on shares of Ligand Pharmaceuticals in a research note on Friday, April 12th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $116.33.

Ligand Pharmaceuticals Price Performance

Ligand Pharmaceuticals stock opened at $70.57 on Friday. The stock’s 50-day moving average is $74.73 and its 200-day moving average is $68.07. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 25.66 and a beta of 1.01. Ligand Pharmaceuticals Incorporated has a 12 month low of $49.24 and a 12 month high of $94.57.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings data on Tuesday, February 27th. The biotechnology company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.55. The company had revenue of $28.10 million for the quarter, compared to the consensus estimate of $24.54 million. Ligand Pharmaceuticals had a return on equity of 11.98% and a net margin of 37.80%. Research analysts anticipate that Ligand Pharmaceuticals Incorporated will post 3.41 EPS for the current year.

Insider Transactions at Ligand Pharmaceuticals

In related news, Director Stephen L. Sabba sold 1,893 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $74.30, for a total transaction of $140,649.90. Following the sale, the director now directly owns 28,926 shares in the company, valued at approximately $2,149,201.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 10.40% of the company’s stock.

Ligand Pharmaceuticals 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.