Bank of New York Mellon Corp Cuts Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Bank of New York Mellon Corp cut its stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 3.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 129,992 shares of the biotechnology company's stock after selling 4,847 shares during the quarter. Bank of New York Mellon Corp owned about 0.69% of Ligand Pharmaceuticals worth $13,929,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. KBC Group NV raised its holdings in Ligand Pharmaceuticals by 49.7% in the fourth quarter. KBC Group NV now owns 904 shares of the biotechnology company's stock worth $97,000 after purchasing an additional 300 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Ligand Pharmaceuticals during the fourth quarter worth $172,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Ligand Pharmaceuticals in the 3rd quarter valued at $180,000. Supplemental Annuity Collective Trust of NJ acquired a new position in Ligand Pharmaceuticals in the fourth quarter valued at approximately $204,000. Finally, MML Investors Services LLC purchased a new position in shares of Ligand Pharmaceuticals during the 3rd quarter valued at approximately $210,000. 91.28% of the stock is owned by institutional investors.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 2,104 shares of the company's 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 completion of the transaction, the chief financial officer now owns 20,647 shares in the company, valued at $2,402,691.39. This represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.90% of the company's stock.

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Ligand Pharmaceuticals Stock Down 2.3 %

LGND traded down $2.47 on Thursday, reaching $105.62. The company's stock had a trading volume of 120,884 shares, compared to its average volume of 124,584. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 42.08 and a beta of 1.12. Ligand Pharmaceuticals Incorporated has a fifty-two week low of $67.72 and a fifty-two week high of $129.90. The stock has a 50 day moving average of $114.44 and a two-hundred day moving average of $111.70.

Analyst Upgrades and Downgrades

Several research firms have recently commented on LGND. Royal Bank of Canada lifted their price target 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. Benchmark reaffirmed a "buy" rating and set a $135.00 target price on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. HC Wainwright reiterated a "buy" rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th. Barclays upped their price objective on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an "overweight" rating in a research report on Monday, December 16th. Finally, StockNews.com lowered Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Monday. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $147.00.

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.