KLP Kapitalforvaltning AS Purchases New Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

KLP Kapitalforvaltning AS bought a new position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,900 shares of the biotechnology company's stock, valued at approximately $418,000.

Several other hedge funds have also modified their holdings of the business. Yousif Capital Management LLC increased its position in shares of Ligand Pharmaceuticals by 1.4% in the fourth quarter. Yousif Capital Management LLC now owns 7,193 shares of the biotechnology company's stock valued at $771,000 after buying an additional 96 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Ligand Pharmaceuticals by 14.8% in the fourth quarter. US Bancorp DE now owns 758 shares of the biotechnology company's stock valued at $81,000 after purchasing an additional 98 shares in the last quarter. Mutual of America Capital Management LLC grew its position in shares of Ligand Pharmaceuticals by 4.2% in the fourth quarter. Mutual of America Capital Management LLC now owns 2,862 shares of the biotechnology company's stock valued at $307,000 after purchasing an additional 115 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Ligand Pharmaceuticals by 2.4% during the 4th quarter. Arizona State Retirement System now owns 5,297 shares of the biotechnology company's stock worth $568,000 after purchasing an additional 125 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Ligand Pharmaceuticals by 3.3% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,034 shares of the biotechnology company's stock worth $432,000 after purchasing an additional 129 shares during the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

A number of equities research analysts have commented on LGND shares. StockNews.com cut Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Monday. Benchmark reissued a "buy" rating and issued a $135.00 target price on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. Barclays raised their price target on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an "overweight" rating in a research note on Monday, December 16th. Royal Bank of Canada boosted their price objective on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an "outperform" rating in a research report on Wednesday, December 11th. Finally, HC Wainwright reissued a "buy" rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $147.00.

Insider Activity

In related news, CFO Octavio Espinoza sold 5,000 shares of Ligand Pharmaceuticals stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $115.03, for a total value of $575,150.00. Following the transaction, the chief financial officer now owns 18,879 shares in the company, valued at approximately $2,171,651.37. This trade represents a 20.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.90% of the company's stock.

Ligand Pharmaceuticals Stock Performance

Ligand Pharmaceuticals stock traded up $7.18 during trading on Wednesday, reaching $103.85. The company had a trading volume of 161,166 shares, compared to its average volume of 123,093. Ligand Pharmaceuticals Incorporated has a 12-month low of $67.72 and a 12-month high of $129.90. The stock's 50 day moving average price is $111.33 and its two-hundred day moving average price is $111.92. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of 41.37 and a beta of 1.07.

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.