Edgestream Partners L.P. Purchases New Stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Edgestream Partners L.P. acquired a new position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 34,069 shares of the biotechnology company's stock, valued at approximately $3,410,000. Edgestream Partners L.P. owned about 0.18% of Ligand Pharmaceuticals as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Verition Fund Management LLC purchased a new position in Ligand Pharmaceuticals in the third quarter worth $597,000. Public Sector Pension Investment Board increased its holdings in shares of Ligand Pharmaceuticals by 4.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 38,747 shares of the biotechnology company's stock valued at $3,878,000 after purchasing an additional 1,500 shares in the last quarter. Townsquare Capital LLC increased its holdings in shares of Ligand Pharmaceuticals by 11.8% in the 3rd quarter. Townsquare Capital LLC now owns 29,813 shares of the biotechnology company's stock valued at $2,984,000 after purchasing an additional 3,140 shares in the last quarter. FMR LLC boosted its holdings in Ligand Pharmaceuticals by 550.5% during the third quarter. FMR LLC now owns 12,749 shares of the biotechnology company's stock worth $1,276,000 after buying an additional 10,789 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its position in Ligand Pharmaceuticals by 44.3% during the third quarter. Loomis Sayles & Co. L P now owns 372,779 shares of the biotechnology company's stock worth $37,312,000 after buying an additional 114,436 shares during the period. Institutional investors and hedge funds own 91.28% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. HC Wainwright reiterated a "buy" rating and set a $157.00 price target on shares of Ligand Pharmaceuticals in a research report on Friday, November 8th. Barclays boosted their target price on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Benchmark raised their price target on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the company a "buy" rating in a research report on Friday, November 8th. Oppenheimer boosted their price objective on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada lifted their target price on shares of Ligand Pharmaceuticals from $130.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 12th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $144.83.

Ligand Pharmaceuticals Trading Up 1.0 %

Shares of Ligand Pharmaceuticals stock traded up $1.23 during mid-day trading on Monday, hitting $122.70. 83,356 shares of the stock were exchanged, compared to its average volume of 135,869. The company has a 50-day simple moving average of $110.11 and a 200 day simple moving average of $99.95. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 48.57 and a beta of 0.99. Ligand Pharmaceuticals Incorporated has a twelve month low of $58.97 and a twelve month high of $129.90.

Insider Buying and Selling at Ligand Pharmaceuticals

In other news, COO Matthew E. Korenberg sold 6,275 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $104.10, for a total transaction of $653,227.50. Following the transaction, the chief operating officer now directly owns 50,777 shares in the company, valued at $5,285,885.70. This represents a 11.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Octavio Espinoza sold 1,275 shares of the business's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $103.94, for a total transaction of $132,523.50. Following the completion of the sale, the chief financial officer now owns 24,610 shares of the company's stock, valued at approximately $2,557,963.40. The trade was a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,728 shares of company stock worth $2,271,575. Insiders own 5.90% of the company's stock.

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.