Franklin Resources Inc. Buys 90,743 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Franklin Resources Inc. boosted its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 95.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 185,402 shares of the biotechnology company's stock after acquiring an additional 90,743 shares during the period. Franklin Resources Inc. owned 0.98% of Ligand Pharmaceuticals worth $19,866,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of LGND. Smartleaf Asset Management LLC boosted its position in shares of Ligand Pharmaceuticals by 119.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company's stock worth $43,000 after purchasing an additional 221 shares in the last quarter. US Bancorp DE boosted its holdings in Ligand Pharmaceuticals by 14.8% in the fourth quarter. US Bancorp DE now owns 758 shares of the biotechnology company's stock worth $81,000 after acquiring an additional 98 shares in the last quarter. KBC Group NV grew its stake in shares of 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 acquiring an additional 300 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Ligand Pharmaceuticals during the fourth quarter valued at $172,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Ligand Pharmaceuticals in the 3rd quarter worth about $180,000. Institutional investors own 91.28% of the company's stock.

Ligand Pharmaceuticals Price Performance

Shares of LGND traded up $2.98 during trading hours on Friday, hitting $104.27. The stock had a trading volume of 70,720 shares, compared to its average volume of 122,670. The firm has a market capitalization of $2.01 billion, a PE ratio of 41.54 and a beta of 1.07. Ligand Pharmaceuticals Incorporated has a 12 month low of $67.72 and a 12 month high of $129.90. The stock has a fifty day moving average price of $110.80 and a 200 day moving average price of $111.98.

Remove Ads

Insiders Place Their Bets

In other news, CFO Octavio Espinoza sold 5,000 shares of the 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 $2,171,651.37. This represents a 20.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 5.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on LGND. 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 downgraded Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Monday. Stifel Nicolaus began coverage on Ligand Pharmaceuticals in a research note on Thursday. They issued a "buy" rating and a $143.00 price target for the company. Finally, Benchmark reaffirmed a "buy" rating and set a $135.00 price objective on shares of Ligand Pharmaceuticals in a research report on Monday, December 23rd. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Ligand Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $146.43.

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.