Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Stake Lifted by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 47.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,612 shares of the biotechnology company's stock after buying an additional 25,717 shares during the quarter. Envestnet Asset Management Inc. owned 0.44% of Ligand Pharmaceuticals worth $6,708,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Ligand Pharmaceuticals by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 1,884,112 shares of the biotechnology company's stock valued at $137,729,000 after acquiring an additional 7,598 shares in the last quarter. Stephens Investment Management Group LLC lifted its stake in shares of Ligand Pharmaceuticals by 41.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 659,434 shares of the biotechnology company's stock worth $47,097,000 after purchasing an additional 191,870 shares in the last quarter. Chicago Capital LLC boosted its position in shares of Ligand Pharmaceuticals by 124.3% in the second quarter. Chicago Capital LLC now owns 514,946 shares of the biotechnology company's stock worth $43,389,000 after buying an additional 285,350 shares during the period. Rice Hall James & Associates LLC grew its stake in shares of Ligand Pharmaceuticals by 4.5% in the second quarter. Rice Hall James & Associates LLC now owns 292,475 shares of the biotechnology company's stock valued at $24,644,000 after buying an additional 12,691 shares in the last quarter. Finally, William Blair Investment Management LLC raised its holdings in shares of Ligand Pharmaceuticals by 7.2% during the 2nd quarter. William Blair Investment Management LLC now owns 202,842 shares of the biotechnology company's stock valued at $17,091,000 after buying an additional 13,595 shares during the period. Institutional investors and hedge funds own 91.28% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on LGND. Benchmark upped their price target on Ligand Pharmaceuticals from $95.00 to $110.00 and gave the stock a "buy" rating in a report on Monday, August 12th. HC Wainwright restated a "buy" rating and issued a $144.00 target price on shares of Ligand Pharmaceuticals in a research note on Thursday, August 8th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $130.00 price target on shares of Ligand Pharmaceuticals in a report on Wednesday, August 7th. Finally, Craig Hallum boosted their price objective on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a "buy" rating in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $131.00.

Ligand Pharmaceuticals Stock Down 2.0 %

Shares of LGND opened at $97.37 on Monday. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 18.83 and a beta of 1.01. The business's 50 day moving average is $102.88 and its two-hundred day moving average is $88.53. Ligand Pharmaceuticals Incorporated has a 52-week low of $49.24 and a 52-week high of $112.13.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.34. Ligand Pharmaceuticals had a net margin of 29.69% and a return on equity of 7.91%. The firm had revenue of $41.50 million for the quarter, compared to analysts' expectations of $33.04 million. During the same period in the prior year, the company posted $1.10 earnings per share. The firm's quarterly revenue was up 57.2% on a year-over-year basis. On average, equities analysts expect that Ligand Pharmaceuticals Incorporated will post 3.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Andrew Reardon sold 1,500 shares of Ligand Pharmaceuticals stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total value of $159,585.00. Following the completion of the transaction, the insider now directly owns 22,534 shares of the company's stock, valued at approximately $2,397,392.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, COO Matthew E. Korenberg sold 11,389 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $105.61, for a total value of $1,202,792.29. Following the sale, the chief operating officer now owns 49,510 shares of the company's stock, valued at approximately $5,228,751.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew Reardon sold 1,500 shares of Ligand Pharmaceuticals stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total transaction of $159,585.00. Following the completion of the sale, the insider now owns 22,534 shares in the company, valued at $2,397,392.26. The disclosure for this sale can be found here. Insiders sold a total of 51,613 shares of company stock valued at $5,255,692 over the last 90 days. 5.90% of the stock is owned by company insiders.

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.