Essex Investment Management Co. LLC Decreases Stock Holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Essex Investment Management Co. LLC decreased its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 5.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 65,247 shares of the biotechnology company's stock after selling 3,901 shares during the quarter. Ligand Pharmaceuticals comprises about 1.3% of Essex Investment Management Co. LLC's portfolio, making the stock its 14th largest holding. Essex Investment Management Co. LLC owned approximately 0.35% of Ligand Pharmaceuticals worth $6,991,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of LGND. State Street Corp raised its holdings in shares of Ligand Pharmaceuticals by 2.7% during the 3rd quarter. State Street Corp now owns 707,414 shares of the biotechnology company's stock worth $70,805,000 after acquiring an additional 18,642 shares in the last quarter. Congress Asset Management Co. raised its stake in Ligand Pharmaceuticals by 2.9% during the fourth quarter. Congress Asset Management Co. now owns 621,482 shares of the biotechnology company's stock valued at $66,592,000 after purchasing an additional 17,444 shares in the last quarter. Chicago Capital LLC lifted its position in Ligand Pharmaceuticals by 1.1% during the fourth quarter. Chicago Capital LLC now owns 551,588 shares of the biotechnology company's stock valued at $59,103,000 after purchasing an additional 5,767 shares during the last quarter. Geode Capital Management LLC lifted its position in Ligand Pharmaceuticals by 5.5% during the third quarter. Geode Capital Management LLC now owns 428,270 shares of the biotechnology company's stock valued at $42,874,000 after purchasing an additional 22,495 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in shares of Ligand Pharmaceuticals by 44.3% in 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 in the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

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Ligand Pharmaceuticals Trading Down 2.3 %

Shares of NASDAQ LGND traded down $2.47 during trading hours on Thursday, reaching $105.62. The stock had a trading volume of 120,884 shares, compared to its average volume of 124,584. Ligand Pharmaceuticals Incorporated has a 52-week low of $67.72 and a 52-week high of $129.90. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 42.08 and a beta of 1.12. The business's fifty day moving average price is $114.44 and its two-hundred day moving average price is $111.70.

Insider Buying and Selling at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza sold 2,104 shares of the firm's stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $116.37, for a total transaction of $244,842.48. Following the transaction, the chief financial officer now owns 20,647 shares in the company, valued at approximately $2,402,691.39. This trade represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 5.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

LGND has been the subject of a number of analyst reports. Barclays increased 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. StockNews.com lowered Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Monday. Benchmark reiterated a "buy" rating and issued a $135.00 target price on shares of Ligand Pharmaceuticals in a report on Monday, December 23rd. Royal Bank of Canada increased their price target on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an "outperform" rating in a report on Wednesday, December 11th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Ligand Pharmaceuticals has an average rating of "Moderate Buy" and an average target price of $147.00.

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.