Summit Global Investments Invests $473,000 in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Summit Global Investments acquired a new stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,418 shares of the biotechnology company's stock, valued at approximately $473,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LGND. Loomis Sayles & Co. L P raised its stake in shares of Ligand Pharmaceuticals by 44.3% during the 3rd 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 last quarter. Franklin Resources Inc. increased its position in Ligand Pharmaceuticals by 503.5% during the 3rd quarter. Franklin Resources Inc. now owns 94,659 shares of the biotechnology company's stock worth $9,793,000 after purchasing an additional 78,973 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Ligand Pharmaceuticals by 68.9% in the fourth quarter. Fisher Asset Management LLC now owns 100,638 shares of the biotechnology company's stock valued at $10,783,000 after purchasing an additional 41,064 shares during the period. Edgestream Partners L.P. acquired a new position in Ligand Pharmaceuticals in the third quarter valued at $3,410,000. Finally, Geode Capital Management LLC boosted its stake in Ligand Pharmaceuticals by 5.5% in the 3rd quarter. Geode Capital Management LLC now owns 428,270 shares of the biotechnology company's stock worth $42,874,000 after buying an additional 22,495 shares during the last quarter. 91.28% of the stock is currently owned by institutional investors and hedge funds.

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Insider Buying and Selling

In other news, CFO Octavio Espinoza sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total value of $575,150.00. Following the completion of the sale, the chief financial officer now directly owns 18,879 shares of the company's stock, valued at approximately $2,171,651.37. This represents a 20.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 5.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LGND shares. HC Wainwright reaffirmed a "buy" rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Barclays raised their price target on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an "overweight" rating in a report on Monday, December 16th. Benchmark reiterated a "buy" rating and issued a $135.00 price objective on shares of Ligand Pharmaceuticals in a report on Monday, December 23rd. StockNews.com upgraded Ligand Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Tuesday, March 18th. Finally, Royal Bank of Canada upped their target price on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an "outperform" rating in a research note on Wednesday, December 11th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Ligand Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $147.00.

Ligand Pharmaceuticals Trading Down 1.9 %

NASDAQ:LGND traded down $2.08 during mid-day trading on Friday, hitting $107.62. The stock had a trading volume of 68,270 shares, compared to its average volume of 123,590. The company has a 50 day simple moving average of $114.20 and a 200-day simple moving average of $112.00. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of 42.88 and a beta of 1.12. Ligand Pharmaceuticals Incorporated has a 52 week low of $67.72 and a 52 week high of $129.90.

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.