Isthmus Partners LLC Has $3.96 Million Stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Isthmus Partners LLC reduced its position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 1.1% in the 1st quarter, Holdings Channel reports. The institutional investor owned 37,675 shares of the biotechnology company’s stock after selling 420 shares during the quarter. Isthmus Partners LLC’s holdings in Ligand Pharmaceuticals were worth $3,961,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Opal Wealth Advisors LLC acquired a new position in shares of Ligand Pharmaceuticals during the 1st quarter worth about $32,000. GF Fund Management CO. LTD. bought a new stake in Ligand Pharmaceuticals during the fourth quarter worth about $43,000. Redwood Park Advisors LLC acquired a new position in Ligand Pharmaceuticals during the fourth quarter valued at approximately $48,000. Sterling Capital Management LLC grew its stake in Ligand Pharmaceuticals by 825.4% in the fourth quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company’s stock valued at $59,000 after purchasing an additional 487 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Ligand Pharmaceuticals by 68.5% in the first quarter. GAMMA Investing LLC now owns 593 shares of the biotechnology company’s stock valued at $62,000 after purchasing an additional 241 shares in the last quarter. 91.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on LGND. Stifel Nicolaus started coverage on Ligand Pharmaceuticals in a research note on Thursday, April 10th. They set a “buy” rating and a $143.00 price objective on the stock. Wall Street Zen downgraded shares of Ligand Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Monday, May 12th. Finally, Oppenheimer increased their price target on shares of Ligand Pharmaceuticals from $142.00 to $145.00 and gave the company an “outperform” rating in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $147.17.

Ligand Pharmaceuticals Stock Down 2.6%

LGND opened at $121.70 on Friday. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of -17.09 and a beta of 0.84. Ligand Pharmaceuticals Incorporated has a 12-month low of $90.29 and a 12-month high of $129.90. The business has a 50 day moving average of $109.40 and a 200-day moving average of $110.23.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings results on Thursday, May 8th. The biotechnology company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.10. Ligand Pharmaceuticals had a negative return on equity of 7.83% and a negative net margin of 73.07%. The business had revenue of $45.33 million during the quarter, compared to the consensus estimate of $37.84 million. During the same quarter last year, the firm posted $3.84 EPS. As a group, analysts expect that Ligand Pharmaceuticals Incorporated will post 1.73 earnings per share for the current year.

Insider Activity at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza purchased 1,500 shares of the firm’s stock in a transaction that occurred on Friday, May 9th. The shares were acquired at an average price of $104.06 per share, for a total transaction of $156,090.00. Following the purchase, the chief financial officer owned 27,932 shares in the company, valued at approximately $2,906,603.92. This represents a 5.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Andrew Reardon sold 500 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $114.08, for a total transaction of $57,040.00. Following the completion of the transaction, the insider directly owned 31,903 shares in the company, valued at approximately $3,639,494.24. This represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,934 shares of company stock worth $335,060. 7.00% of the stock is owned by corporate insiders.

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.