JPMorgan Chase & Co. Sells 18,690 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

JPMorgan Chase & Co. lessened its stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 33.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 37,761 shares of the biotechnology company's stock after selling 18,690 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.20% of Ligand Pharmaceuticals worth $4,046,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of LGND. Smartleaf Asset Management LLC grew its position 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 valued at $43,000 after buying an additional 221 shares during the last quarter. US Bancorp DE raised its position 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 purchasing an additional 98 shares during the period. KBC Group NV lifted its holdings in shares of Ligand Pharmaceuticals by 49.7% in the 4th quarter. KBC Group NV now owns 904 shares of the biotechnology company's stock worth $97,000 after purchasing an additional 300 shares during the last quarter. SG Americas Securities LLC acquired a new position in Ligand Pharmaceuticals during the 4th quarter valued at approximately $172,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Ligand Pharmaceuticals during the 3rd quarter worth $180,000. Institutional investors own 91.28% of the company's stock.

Insider Activity

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 5,000 shares of the business'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 completion of the sale, the chief financial officer now directly owns 18,879 shares of the company's stock, valued at $2,171,651.37. The trade was a 20.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.90% of the stock is owned by corporate insiders.

Ligand Pharmaceuticals Stock Performance

Shares of NASDAQ:LGND traded up $2.24 during mid-day trading on Thursday, hitting $108.00. The stock had a trading volume of 35,517 shares, compared to its average volume of 120,350. Ligand Pharmaceuticals Incorporated has a 12-month low of $69.17 and a 12-month high of $129.90. The company's 50 day moving average is $109.25 and its 200-day moving average is $112.17. The company has a market cap of $2.08 billion, a PE ratio of 43.33 and a beta of 1.07.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on LGND shares. StockNews.com upgraded Ligand Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Tuesday, April 15th. Stifel Nicolaus initiated coverage on shares of Ligand Pharmaceuticals in a research report on Thursday, April 10th. They issued a "buy" rating and a $143.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $146.43.

About Ligand Pharmaceuticals

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.