New York State Common Retirement Fund Purchases 6,123 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

New York State Common Retirement Fund lifted its stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 7.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 92,418 shares of the biotechnology company's stock after purchasing an additional 6,123 shares during the period. New York State Common Retirement Fund owned 0.49% of Ligand Pharmaceuticals worth $9,903,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. boosted its position in shares of Ligand Pharmaceuticals by 6.8% in the 4th quarter. Principal Financial Group Inc. now owns 99,590 shares of the biotechnology company's stock worth $10,671,000 after purchasing an additional 6,382 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in Ligand Pharmaceuticals during the 4th quarter worth $2,012,000. Congress Asset Management Co. raised its stake in Ligand Pharmaceuticals by 2.9% during the 4th quarter. Congress Asset Management Co. now owns 621,482 shares of the biotechnology company's stock worth $66,592,000 after buying an additional 17,444 shares during the period. Supplemental Annuity Collective Trust of NJ acquired a new stake in Ligand Pharmaceuticals during the 4th quarter worth $204,000. Finally, Legato Capital Management LLC raised its stake in Ligand Pharmaceuticals by 4.4% during the 4th quarter. Legato Capital Management LLC now owns 18,058 shares of the biotechnology company's stock worth $1,935,000 after buying an additional 753 shares during the period. 91.28% of the stock is currently owned by institutional investors.

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Insider Activity at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza sold 2,104 shares of Ligand Pharmaceuticals stock in a transaction dated 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 trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.90% of the stock is owned by company insiders.

Ligand Pharmaceuticals Stock Up 5.7 %

Shares of NASDAQ:LGND traded up $6.56 during midday trading on Friday, reaching $122.23. The company had a trading volume of 149,283 shares, compared to its average volume of 92,694. The business's 50 day moving average price is $114.03 and its 200 day moving average price is $111.01. The stock has a market cap of $2.31 billion, a PE ratio of 48.70 and a beta of 1.04. Ligand Pharmaceuticals Incorporated has a 1-year low of $67.72 and a 1-year high of $129.90.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LGND. Barclays raised their price objective on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an "overweight" rating in a research note on Monday, December 16th. Royal Bank of Canada raised their price objective on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 11th. Oppenheimer raised their price objective on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. HC Wainwright reaffirmed a "buy" rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Finally, Benchmark reaffirmed a "buy" rating and set a $135.00 price objective on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $147.00.

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.