CenterBook Partners LP Trims Stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

CenterBook Partners LP cut its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 53.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,539 shares of the biotechnology company's stock after selling 27,437 shares during the quarter. CenterBook Partners LP owned approximately 0.12% of Ligand Pharmaceuticals worth $2,522,000 as of its most recent SEC filing.

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

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Insiders Place Their Bets

In related news, CFO Octavio Espinoza sold 5,000 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $115.03, for a total transaction of $575,150.00. Following the transaction, the chief financial officer now owns 18,879 shares of the company's stock, valued at $2,171,651.37. This represents a 20.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.90% of the stock is currently owned by corporate insiders.

Ligand Pharmaceuticals Stock Performance

Shares of NASDAQ:LGND traded down $0.74 on Tuesday, hitting $105.85. 17,860 shares of the company's stock were exchanged, compared to its average volume of 122,033. Ligand Pharmaceuticals Incorporated has a 1-year low of $67.72 and a 1-year high of $129.90. The company has a market capitalization of $2.04 billion, a PE ratio of 42.17 and a beta of 1.07. The firm's 50-day moving average is $110.59 and its 200 day moving average is $112.13.

Wall Street Analyst Weigh In

LGND has been the topic of several research analyst reports. Stifel Nicolaus assumed coverage on Ligand Pharmaceuticals in a research report on Thursday, April 10th. They issued a "buy" rating and a $143.00 price objective on the stock. StockNews.com upgraded shares of Ligand Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Tuesday. Benchmark reissued a "buy" rating and set a $135.00 price objective on shares of Ligand Pharmaceuticals in a report on Monday, December 23rd. Finally, Barclays boosted their price objective on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an "overweight" rating in a report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $146.43.

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.