Loomis Sayles & Co. L P Buys 114,436 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Loomis Sayles & Co. L P grew its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 44.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 372,779 shares of the biotechnology company's stock after purchasing an additional 114,436 shares during the period. Loomis Sayles & Co. L P owned about 1.97% of Ligand Pharmaceuticals worth $37,312,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in LGND. Innealta Capital LLC bought a new position in shares of Ligand Pharmaceuticals in the 2nd quarter valued at about $31,000. Rothschild Investment LLC acquired a new position in shares of Ligand Pharmaceuticals during the 2nd quarter worth approximately $34,000. Headlands Technologies LLC raised its stake in shares of 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted 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 last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in Ligand Pharmaceuticals during the second quarter worth $67,000. Institutional investors own 91.28% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LGND. Royal Bank of Canada boosted their price target on Ligand Pharmaceuticals from $130.00 to $140.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 12th. Benchmark lifted their price objective on shares of Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. HC Wainwright reissued a "buy" rating and issued a $157.00 price objective on shares of Ligand Pharmaceuticals in a research report on Friday, November 8th. Oppenheimer raised their target price on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Finally, Barclays upped their price target on shares of Ligand Pharmaceuticals from $125.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $144.83.

Ligand Pharmaceuticals Price Performance

Shares of LGND stock traded up $3.71 on Tuesday, hitting $124.33. 182,785 shares of the company's stock were exchanged, compared to its average volume of 136,582. The company has a 50 day moving average of $108.61 and a 200 day moving average of $98.90. The stock has a market cap of $2.35 billion, a P/E ratio of 48.59 and a beta of 0.99. Ligand Pharmaceuticals Incorporated has a 12 month low of $57.00 and a 12 month high of $129.90.

Insider Buying and Selling

In related news, insider Andrew Reardon sold 2,000 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $99.60, for a total value of $199,200.00. Following the transaction, the insider now directly owns 22,534 shares of the company's stock, valued at $2,244,386.40. The trade was a 8.15 % 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. Also, COO Matthew E. Korenberg sold 9,772 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $101.22, for a total transaction of $989,121.84. Following the sale, the chief operating officer now directly owns 50,777 shares of the company's stock, valued at $5,139,647.94. This represents a 16.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,822 shares of company stock worth $2,133,658 in the last ninety days. Company 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.