Northern Trust Corp increased its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 7.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 316,587 shares of the biotechnology company’s stock after buying an additional 21,982 shares during the period. Northern Trust Corp owned about 1.51% of Ligand Pharmaceuticals worth $38,435,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in LGND. Strs Ohio boosted its holdings in Ligand Pharmaceuticals by 225.0% during the second quarter. Strs Ohio now owns 1,300 shares of the biotechnology company’s stock worth $157,000 after buying an additional 900 shares in the last quarter. First Mercantile Trust Co. boosted its holdings in Ligand Pharmaceuticals by 1.6% during the second quarter. First Mercantile Trust Co. now owns 1,310 shares of the biotechnology company’s stock worth $159,000 after buying an additional 20 shares in the last quarter. Stephens Inc. AR boosted its holdings in Ligand Pharmaceuticals by 62.6% during the first quarter. Stephens Inc. AR now owns 1,611 shares of the biotechnology company’s stock worth $171,000 after buying an additional 620 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Ligand Pharmaceuticals during the first quarter worth about $174,000. Finally, Teacher Retirement System of Texas purchased a new stake in Ligand Pharmaceuticals during the second quarter worth about $203,000.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Monday, August 7th. The biotechnology company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.42. Ligand Pharmaceuticals had a net margin of 7.39% and a return on equity of 5.05%. The company had revenue of $28.00 million during the quarter, compared to analyst estimates of $24.40 million. During the same quarter last year, the firm posted $0.50 EPS. The business’s revenue for the quarter was up 43.6% on a year-over-year basis.
In related news, VP Charles S. Berkman sold 18,625 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $126.96, for a total transaction of $2,364,630.00. Following the completion of the sale, the vice president now directly owns 24,423 shares in the company, valued at $3,100,744.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John L. Higgins sold 5,483 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $125.00, for a total transaction of $685,375.00. Following the sale, the chief executive officer now owns 144,654 shares of the company’s stock, valued at $18,081,750. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,208 shares of company stock valued at $4,733,796. Corporate insiders own 14.70% of the company’s stock.
A number of research firms recently commented on LGND. BidaskClub raised shares of Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Zacks Investment Research raised shares of Ligand Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $165.00 price objective on the stock in a report on Thursday. Stephens reissued an “overweight” rating and set a $137.00 price objective (up previously from $125.00) on shares of Ligand Pharmaceuticals in a report on Wednesday, August 9th. Deutsche Bank AG boosted their price objective on shares of Ligand Pharmaceuticals from $103.00 to $104.00 and gave the stock a “hold” rating in a report on Tuesday, August 8th. Finally, ValuEngine raised shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $144.20.
Ligand Pharmaceuticals Company Profile
Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company is involved in the development and licensing of biopharmaceutical assets. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.
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