Connor Clark & Lunn Investment Management Ltd. Trims Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 11.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 23,763 shares of the biotechnology company's stock after selling 3,200 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.13% of Ligand Pharmaceuticals worth $2,546,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its holdings in shares of Ligand Pharmaceuticals by 119.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company's stock worth $43,000 after acquiring an additional 221 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Ligand Pharmaceuticals by 14.8% during the 4th quarter. US Bancorp DE now owns 758 shares of the biotechnology company's stock worth $81,000 after acquiring an additional 98 shares during the last quarter. KBC Group NV lifted its holdings in shares of Ligand Pharmaceuticals by 49.7% during the 4th quarter. KBC Group NV now owns 904 shares of the biotechnology company's stock worth $97,000 after acquiring an additional 300 shares during the last quarter. SG Americas Securities LLC purchased a new position in Ligand Pharmaceuticals in the 4th quarter worth $172,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Ligand Pharmaceuticals in the 3rd quarter worth $180,000. 91.28% of the stock is owned by institutional investors.

Ligand Pharmaceuticals Stock Down 1.2 %

Shares of NASDAQ LGND traded down $1.26 during midday trading on Friday, hitting $108.15. The stock had a trading volume of 280,792 shares, compared to its average volume of 120,371. The business's 50 day moving average is $114.21 and its 200-day moving average is $111.75. The company has a market cap of $2.08 billion, a P/E ratio of 43.09 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.

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Analyst Ratings Changes

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

Insider Transactions at Ligand Pharmaceuticals

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 transaction, the chief financial officer now owns 18,879 shares in the company, valued at approximately $2,171,651.37. This represents a 20.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 5.90% of the company's stock.

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.