Massachusetts Financial Services Co. MA Takes Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Massachusetts Financial Services Co. MA acquired a new stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 276,731 shares of the biotechnology company's stock, valued at approximately $29,652,000. Massachusetts Financial Services Co. MA owned about 1.46% of Ligand Pharmaceuticals at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its holdings in 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 period. US Bancorp DE raised its stake in shares of Ligand Pharmaceuticals by 14.8% in the fourth quarter. US Bancorp DE now owns 758 shares of the biotechnology company's stock valued at $81,000 after acquiring 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 acquiring an additional 300 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Ligand Pharmaceuticals during the 4th quarter worth about $172,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Ligand Pharmaceuticals during the 3rd quarter worth about $180,000. Hedge funds and other institutional investors own 91.28% of the company's stock.

Ligand Pharmaceuticals Stock Up 2.9 %

NASDAQ:LGND traded up $2.98 during midday trading on Friday, hitting $104.27. The stock had a trading volume of 70,720 shares, compared to its average volume of 122,670. The stock has a 50-day moving average of $110.80 and a 200 day moving average of $111.98. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 41.54 and a beta of 1.07. Ligand Pharmaceuticals Incorporated has a one year low of $67.72 and a one year high of $129.90.

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Analyst Ratings Changes

Several analysts have issued reports on the stock. Barclays raised their price objective on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an "overweight" rating in a research note on Monday, December 16th. Stifel Nicolaus initiated coverage on Ligand Pharmaceuticals in a research note on Thursday. They set a "buy" rating and a $143.00 price target for the company. Benchmark restated a "buy" rating and set a $135.00 price objective on shares of Ligand Pharmaceuticals in a report on Monday, December 23rd. Finally, StockNews.com lowered Ligand Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Monday. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $146.43.

Insider Activity at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza sold 5,000 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total transaction of $575,150.00. Following the transaction, the chief financial officer now directly owns 18,879 shares of the company's stock, valued at $2,171,651.37. This trade represents a 20.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 5.90% of the stock is currently owned by corporate insiders.

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.