JPMorgan Chase & Co. Lowers Holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

JPMorgan Chase & Co. reduced its stake in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 11.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,451 shares of the biotechnology company's stock after selling 7,321 shares during the period. JPMorgan Chase & Co. owned approximately 0.30% of Ligand Pharmaceuticals worth $5,650,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Barclays PLC increased its holdings in Ligand Pharmaceuticals by 20.0% in the 3rd quarter. Barclays PLC now owns 43,456 shares of the biotechnology company's stock worth $4,349,000 after buying an additional 7,247 shares during the period. Geode Capital Management LLC increased its position in shares of Ligand Pharmaceuticals by 5.5% during the third quarter. Geode Capital Management LLC now owns 428,270 shares of the biotechnology company's stock worth $42,874,000 after purchasing an additional 22,495 shares in the last quarter. Fisher Asset Management LLC raised its stake in Ligand Pharmaceuticals by 12.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,574 shares of the biotechnology company's stock valued at $5,963,000 after purchasing an additional 6,555 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Ligand Pharmaceuticals by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 163,924 shares of the biotechnology company's stock valued at $16,407,000 after purchasing an additional 8,584 shares in the last quarter. Finally, FMR LLC lifted its holdings in Ligand Pharmaceuticals by 550.5% in the 3rd quarter. FMR LLC now owns 12,749 shares of the biotechnology company's stock valued at $1,276,000 after purchasing an additional 10,789 shares in the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.

Ligand Pharmaceuticals Price Performance

LGND traded up $0.81 during trading hours on Friday, reaching $111.89. The company's stock had a trading volume of 80,765 shares, compared to its average volume of 94,642. The business's 50-day moving average is $115.12 and its 200-day moving average is $107.20. The stock has a market cap of $2.11 billion, a PE ratio of 44.58 and a beta of 1.05. Ligand Pharmaceuticals Incorporated has a fifty-two week low of $67.72 and a fifty-two week high of $129.90.

Analyst Ratings Changes

Several brokerages recently issued reports on LGND. Oppenheimer upped 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. HC Wainwright restated a "buy" rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Royal Bank of Canada lifted 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. Barclays upped their target price on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an "overweight" rating in a report on Monday, December 16th. Finally, Benchmark reaffirmed a "buy" rating and issued a $135.00 target price on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $147.00.

Insider Activity

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

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.