Granite Investment Partners LLC Trims Stake in Ligand Pharmaceuticals Incorporated $LGND

Granite Investment Partners LLC lowered its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 6.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 54,155 shares of the biotechnology company’s stock after selling 3,771 shares during the quarter. Granite Investment Partners LLC’s holdings in Ligand Pharmaceuticals were worth $10,812,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Maryland State Retirement & Pension System raised its holdings in shares of Ligand Pharmaceuticals by 2.2% in the 4th quarter. Maryland State Retirement & Pension System now owns 2,872 shares of the biotechnology company’s stock valued at $543,000 after acquiring an additional 61 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Ligand Pharmaceuticals by 86.3% during the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 69 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Ligand Pharmaceuticals by 3.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,688 shares of the biotechnology company’s stock worth $527,000 after purchasing an additional 78 shares during the last quarter. Cerity Partners LLC increased its position in shares of Ligand Pharmaceuticals by 5.4% in the fourth quarter. Cerity Partners LLC now owns 1,531 shares of the biotechnology company’s stock worth $289,000 after purchasing an additional 79 shares during the last quarter. Finally, 1492 Capital Management LLC raised its stake in Ligand Pharmaceuticals by 4.4% in the first quarter. 1492 Capital Management LLC now owns 1,958 shares of the biotechnology company’s stock valued at $391,000 after purchasing an additional 82 shares in the last quarter. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Stock Performance

NASDAQ:LGND opened at $314.88 on Thursday. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of 42.72, a PEG ratio of 3.57 and a beta of 1.10. The business has a 50 day moving average of $252.48 and a 200 day moving average of $219.42. The company has a debt-to-equity ratio of 0.45, a current ratio of 21.28 and a quick ratio of 20.95. Ligand Pharmaceuticals Incorporated has a 1-year low of $116.44 and a 1-year high of $326.63.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Thursday, May 7th. The biotechnology company reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.21). The business had revenue of $51.72 million for the quarter, compared to the consensus estimate of $59.10 million. Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The firm’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.33 earnings per share. On average, sell-side analysts predict that Ligand Pharmaceuticals Incorporated will post 4.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Andrew Reardon sold 5,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $313.28, for a total transaction of $1,566,400.00. Following the transaction, the insider owned 41,514 shares of the company’s stock, valued at approximately $13,005,505.92. This trade represents a 10.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jason Haas sold 6,461 shares of Ligand Pharmaceuticals stock in a transaction on Friday, June 12th. The stock was sold at an average price of $255.58, for a total transaction of $1,651,302.38. Following the completion of the transaction, the director owned 4,981 shares in the company, valued at approximately $1,273,043.98. The trade was a 56.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 35,698 shares of company stock worth $9,019,252 in the last ninety days. 7.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

LGND has been the subject of several research analyst reports. Citigroup lifted their target price on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Bank of America began coverage on shares of Ligand Pharmaceuticals in a research report on Wednesday, March 11th. They set a “buy” rating and a $244.00 price objective on the stock. 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 report on Wednesday. Royal Bank Of Canada upped their target price on shares of Ligand Pharmaceuticals from $252.00 to $262.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Finally, Weiss Ratings cut Ligand Pharmaceuticals from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 15th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $272.29.

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.