F M Investments LLC Sells 81,416 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

F M Investments LLC reduced its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 60.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,883 shares of the biotechnology company's stock after selling 81,416 shares during the quarter. F M Investments LLC owned approximately 0.28% of Ligand Pharmaceuticals worth $5,666,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Massachusetts Financial Services Co. MA acquired a new position in Ligand Pharmaceuticals in the fourth quarter worth $29,652,000. Vanguard Group Inc. grew its position in shares of Ligand Pharmaceuticals by 5.8% in the 4th quarter. Vanguard Group Inc. now owns 2,085,627 shares of the biotechnology company's stock valued at $223,475,000 after purchasing an additional 115,005 shares during the period. Franklin Resources Inc. increased its holdings in Ligand Pharmaceuticals by 95.9% during the 4th quarter. Franklin Resources Inc. now owns 185,402 shares of the biotechnology company's stock worth $19,866,000 after purchasing an additional 90,743 shares in the last quarter. Norges Bank bought a new position in shares of Ligand Pharmaceuticals during the 4th quarter worth approximately $4,960,000. Finally, Fisher Asset Management LLC increased its position in shares of Ligand Pharmaceuticals by 68.9% in the fourth quarter. Fisher Asset Management LLC now owns 100,638 shares of the biotechnology company's stock valued at $10,783,000 after acquiring an additional 41,064 shares during the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

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Insider Transactions at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza sold 5,000 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total transaction of $575,150.00. Following the transaction, the chief financial officer now directly owns 18,879 shares of the company's stock, valued at approximately $2,171,651.37. This trade represents a 20.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.90% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Barclays boosted their price objective on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an "overweight" rating in a research note on Monday, December 16th. StockNews.com raised Ligand Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Tuesday. Stifel Nicolaus initiated coverage on Ligand Pharmaceuticals in a report on Thursday, April 10th. They set a "buy" rating and a $143.00 target price on the stock. Finally, Benchmark restated a "buy" rating and issued a $135.00 price target on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $146.43.

Ligand Pharmaceuticals Stock Performance

NASDAQ:LGND traded down $0.74 during mid-day trading on Tuesday, hitting $105.85. 17,860 shares of the stock were exchanged, compared to its average volume of 122,033. The firm's 50-day simple moving average is $110.59 and its 200 day simple moving average is $112.13. 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 market capitalization of $2.04 billion, a price-to-earnings ratio of 42.17 and a beta of 1.07.

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.