Allspring Global Investments Holdings LLC Sells 15,418 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Allspring Global Investments Holdings LLC decreased its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 13.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 100,062 shares of the biotechnology company's stock after selling 15,418 shares during the period. Allspring Global Investments Holdings LLC owned about 0.53% of Ligand Pharmaceuticals worth $10,722,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Ligand Pharmaceuticals by 23.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company's stock valued at $64,000 after buying an additional 125 shares in the last quarter. KBC Group NV grew its stake in shares of Ligand Pharmaceuticals by 49.7% in the fourth quarter. KBC Group NV now owns 904 shares of the biotechnology company's stock valued at $97,000 after acquiring an additional 300 shares in the last quarter. SG Americas Securities LLC bought a new position in Ligand Pharmaceuticals during the fourth quarter worth about $172,000. Wilmington Savings Fund Society FSB bought a new position in Ligand Pharmaceuticals during the third quarter worth about $180,000. Finally, MML Investors Services LLC acquired a new stake in Ligand Pharmaceuticals in the 3rd quarter worth about $210,000. 91.28% of the stock is owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Price Performance

Shares of LGND stock traded down $1.45 on Friday, reaching $120.56. 136,713 shares of the company were exchanged, compared to its average volume of 74,920. The company has a 50-day moving average of $114.13 and a 200-day moving average of $110.55. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 48.03 and a beta of 1.04. Ligand Pharmaceuticals Incorporated has a one year low of $67.72 and a one year high of $129.90.

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Insider Transactions at Ligand Pharmaceuticals

In other news, Director John L. Lamattina sold 2,406 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $123.65, for a total transaction of $297,501.90. Following the completion of the transaction, the director now directly owns 29,515 shares of the company's stock, valued at $3,649,529.75. This represents a 7.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Octavio Espinoza sold 2,104 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $116.37, for a total value of $244,842.48. Following the transaction, the chief financial officer now directly owns 20,647 shares of the company's stock, valued at approximately $2,402,691.39. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on LGND shares. Barclays increased their price target on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an "overweight" rating in a research report on Monday, December 16th. Oppenheimer increased their target price on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Benchmark reaffirmed a "buy" rating and issued a $135.00 price target on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. HC Wainwright reaffirmed a "buy" rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Finally, Royal Bank of Canada raised their target price on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an "outperform" rating in a report on Wednesday, December 11th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $147.00.

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.