Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Sees Large Growth in Short Interest

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report) saw a significant increase in short interest in March. As of March 15th, there was short interest totalling 955,100 shares, an increase of 22.4% from the February 28th total of 780,100 shares. Based on an average daily trading volume, of 115,100 shares, the short-interest ratio is currently 8.3 days. Approximately 5.4% of the company's shares are sold short.

Insider Buying and Selling

In related news, CFO Octavio Espinoza sold 5,000 shares of the stock in a transaction dated 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 transaction, the chief financial officer now directly owns 18,879 shares in the company, valued at $2,171,651.37. This trade represents a 20.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of hedge funds have recently bought and sold shares of LGND. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Ligand Pharmaceuticals in the fourth quarter worth approximately $286,000. GF Fund Management CO. LTD. bought a new stake in Ligand Pharmaceuticals in the 4th quarter worth approximately $43,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Ligand Pharmaceuticals by 26.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,401 shares of the biotechnology company's stock valued at $5,400,000 after buying an additional 10,563 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Ligand Pharmaceuticals in the 4th quarter worth $1,800,000. Finally, ProShare Advisors LLC grew its holdings in shares of Ligand Pharmaceuticals by 32.0% in the fourth quarter. ProShare Advisors LLC now owns 6,144 shares of the biotechnology company's stock worth $658,000 after acquiring an additional 1,490 shares during the period. Hedge funds and other institutional investors own 91.28% of the company's stock.

Remove Ads

Ligand Pharmaceuticals Stock Performance

Shares of NASDAQ:LGND traded down $3.26 during midday trading on Monday, reaching $96.32. 75,708 shares of the company's stock traded hands, compared to its average volume of 122,543. Ligand Pharmaceuticals has a one year low of $67.72 and a one year high of $129.90. The company has a market cap of $1.85 billion, a price-to-earnings ratio of 38.49 and a beta of 1.07. The stock has a 50 day moving average of $113.11 and a 200 day moving average of $112.14.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LGND. HC Wainwright reaffirmed a "buy" rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Barclays raised their price objective on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an "overweight" rating in a research report on Monday, December 16th. Royal Bank of Canada boosted their target price on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an "outperform" rating in a report on Wednesday, December 11th. StockNews.com upgraded Ligand Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Tuesday, March 18th. Finally, Benchmark reiterated a "buy" rating and issued a $135.00 price target on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $147.00.

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.