Chicago Capital LLC Acquires 285,350 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Chicago Capital LLC grew its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 124.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 514,946 shares of the biotechnology company’s stock after acquiring an additional 285,350 shares during the quarter. Chicago Capital LLC’s holdings in Ligand Pharmaceuticals were worth $43,389,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Los Angeles Capital Management LLC acquired a new position in Ligand Pharmaceuticals during the 2nd quarter valued at $608,000. Arizona State Retirement System raised its position in shares of Ligand Pharmaceuticals by 3.4% during the second quarter. Arizona State Retirement System now owns 4,708 shares of the biotechnology company’s stock valued at $397,000 after buying an additional 156 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Ligand Pharmaceuticals by 1.8% in the second quarter. Rhumbline Advisers now owns 61,332 shares of the biotechnology company’s stock valued at $5,168,000 after buying an additional 1,077 shares during the period. Equitable Trust Co. acquired a new stake in Ligand Pharmaceuticals during the second quarter worth about $344,000. Finally, Rothschild Investment LLC acquired a new stake in Ligand Pharmaceuticals during the second quarter worth about $34,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

Ligand Pharmaceuticals Price Performance

Shares of LGND traded down $2.01 during mid-day trading on Friday, reaching $101.14. The company had a trading volume of 64,658 shares, compared to its average volume of 144,861. The company’s 50-day moving average is $100.01 and its 200-day moving average is $85.61. The company has a market capitalization of $1.82 billion, a P/E ratio of 19.56 and a beta of 1.01. Ligand Pharmaceuticals Incorporated has a twelve month low of $49.24 and a twelve month high of $112.13.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.34. Ligand Pharmaceuticals had a return on equity of 7.91% and a net margin of 29.69%. The firm had revenue of $41.50 million during the quarter, compared to analyst estimates of $33.04 million. During the same period in the prior year, the company posted $1.10 earnings per share. The business’s revenue for the quarter was up 57.2% compared to the same quarter last year. As a group, equities analysts expect that Ligand Pharmaceuticals Incorporated will post 3.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Matthew E. Korenberg sold 1,157 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total value of $122,109.78. Following the transaction, the chief operating officer now directly owns 67,211 shares of the company’s stock, valued at approximately $7,093,448.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Todd C. Davis acquired 2,500 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $97.39 per share, with a total value of $243,475.00. Following the acquisition, the chief executive officer now directly owns 123,010 shares in the company, valued at $11,979,943.90. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Matthew E. Korenberg sold 1,157 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $105.54, for a total transaction of $122,109.78. Following the completion of the transaction, the chief operating officer now directly owns 67,211 shares of the company’s stock, valued at $7,093,448.94. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,291 shares of company stock valued at $3,281,620. 5.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

LGND has been the subject of several recent research reports. Benchmark upped their price target on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the company a “buy” rating in a report on Monday, August 12th. HC Wainwright reaffirmed a “buy” rating and issued a $144.00 target price on shares of Ligand Pharmaceuticals in a research report on Thursday, August 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $130.00 price target on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 7th. Finally, Craig Hallum increased their price objective on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.00.

Ligand Pharmaceuticals Company 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.