Jane Street Group LLC Trims Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Jane Street Group LLC cut its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 35.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,452 shares of the biotechnology company's stock after selling 7,790 shares during the period. Jane Street Group LLC owned approximately 0.08% of Ligand Pharmaceuticals worth $1,447,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in LGND. Innealta Capital LLC purchased a new stake in shares of Ligand Pharmaceuticals in the second quarter valued at about $31,000. Rothschild Investment LLC purchased a new stake in Ligand Pharmaceuticals in the 2nd quarter valued at approximately $34,000. Headlands Technologies LLC increased its position in Ligand Pharmaceuticals by 21.7% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the biotechnology company's stock worth $64,000 after purchasing an additional 135 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Ligand Pharmaceuticals by 23.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company's stock valued at $64,000 after buying an additional 125 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Ligand Pharmaceuticals in the second quarter valued at approximately $67,000. 91.28% of the stock is owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Stock Performance

NASDAQ:LGND traded down $5.06 during mid-day trading on Friday, hitting $109.19. 86,375 shares of the company's stock traded hands, compared to its average volume of 135,807. The company has a market cap of $2.06 billion, a PE ratio of 43.50 and a beta of 1.01. The firm's 50 day simple moving average is $116.21 and its 200 day simple moving average is $104.27. Ligand Pharmaceuticals Incorporated has a 1 year low of $67.53 and a 1 year high of $129.90.

Analyst Ratings Changes

Several research analysts have issued reports on LGND shares. Royal Bank of Canada increased their price objective on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 11th. Oppenheimer raised their price objective on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Benchmark restated a "buy" rating and set a $135.00 target price on shares of Ligand Pharmaceuticals in a research report on Monday, December 23rd. Barclays lifted their price target on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an "overweight" rating in a research report on Monday, December 16th. Finally, HC Wainwright reissued a "buy" rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $147.00.

Insider Transactions at Ligand Pharmaceuticals

In other news, CFO Octavio Espinoza sold 2,104 shares of the company's stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $116.37, for a total value of $244,842.48. Following the sale, the chief financial officer now directly owns 20,647 shares in the company, valued at $2,402,691.39. This represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Lamattina sold 2,406 shares of Ligand Pharmaceuticals stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $123.65, for a total value of $297,501.90. Following the sale, the director now owns 29,515 shares of the company's stock, valued at approximately $3,649,529.75. This represents a 7.54 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.90% of the company's stock.

Ligand Pharmaceuticals 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.