Contravisory Investment Management Inc. Takes $257,000 Position in Ligand Pharmaceuticals Incorporated $LGND

Contravisory Investment Management Inc. purchased a new stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,261 shares of the biotechnology company’s stock, valued at approximately $257,000.

A number of other hedge funds also recently made changes to their positions in the business. Woodstock Corp raised its holdings in shares of Ligand Pharmaceuticals by 0.3% during the second quarter. Woodstock Corp now owns 29,497 shares of the biotechnology company’s stock valued at $3,353,000 after buying an additional 100 shares during the last quarter. Strs Ohio acquired a new position in shares of Ligand Pharmaceuticals during the first quarter valued at approximately $789,000. Ellsworth Advisors LLC acquired a new position in shares of Ligand Pharmaceuticals during the first quarter valued at approximately $765,000. Jane Street Group LLC increased its stake in shares of Ligand Pharmaceuticals by 176.2% during the first quarter. Jane Street Group LLC now owns 36,922 shares of the biotechnology company’s stock valued at $3,882,000 after acquiring an additional 23,553 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Ligand Pharmaceuticals by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,327 shares of the biotechnology company’s stock valued at $5,817,000 after acquiring an additional 4,926 shares during the period. Institutional investors own 91.28% of the company’s stock.

Ligand Pharmaceuticals Stock Performance

NASDAQ LGND opened at $169.83 on Friday. Ligand Pharmaceuticals Incorporated has a twelve month low of $93.58 and a twelve month high of $170.78. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of -42.46 and a beta of 0.96. The firm’s 50 day moving average price is $149.91 and its two-hundred day moving average price is $122.53.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Thursday, August 7th. The biotechnology company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.06. Ligand Pharmaceuticals had a negative net margin of 40.44% and a negative return on equity of 9.21%. The firm had revenue of $47.63 million for the quarter, compared to analysts’ expectations of $43.87 million. During the same period in the previous year, the company posted $1.40 EPS. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. Ligand Pharmaceuticals has set its FY 2025 guidance at 6.700-7.000 EPS. On average, research analysts forecast that Ligand Pharmaceuticals Incorporated will post 1.73 EPS for the current fiscal year.

Insider Activity at Ligand Pharmaceuticals

In related news, insider Andrew Reardon sold 500 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $114.08, for a total transaction of $57,040.00. Following the completion of the sale, the insider directly owned 31,903 shares in the company, valued at approximately $3,639,494.24. This trade represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John W. Kozarich sold 934 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $125.00, for a total value of $116,750.00. Following the sale, the director owned 46,456 shares of the company’s stock, valued at approximately $5,807,000. This represents a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,368 shares of company stock worth $311,153. Corporate insiders own 7.00% of the company’s stock.

Analysts Set New Price Targets

LGND has been the topic of a number of research analyst reports. Benchmark raised their price objective on shares of Ligand Pharmaceuticals from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, September 2nd. Royal Bank Of Canada raised their price objective on shares of Ligand Pharmaceuticals from $155.00 to $185.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Wall Street Zen upgraded shares of Ligand Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. HC Wainwright raised their price objective on shares of Ligand Pharmaceuticals from $157.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Finally, Oppenheimer raised their price objective on shares of Ligand Pharmaceuticals from $167.00 to $190.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $176.50.

About Ligand Pharmaceuticals

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.