Principal Financial Group Inc. Buys 6,382 Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Principal Financial Group Inc. raised its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Free Report) by 6.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 99,590 shares of the biotechnology company's stock after purchasing an additional 6,382 shares during the period. Principal Financial Group Inc. owned 0.53% of Ligand Pharmaceuticals worth $10,671,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Creative Planning grew its position in Ligand Pharmaceuticals by 4.0% in the third quarter. Creative Planning now owns 2,896 shares of the biotechnology company's stock valued at $290,000 after acquiring an additional 111 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of Ligand Pharmaceuticals by 3.5% in the third quarter. Louisiana State Employees Retirement System now owns 8,800 shares of the biotechnology company's stock valued at $881,000 after acquiring an additional 300 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Ligand Pharmaceuticals by 23.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 661 shares of the biotechnology company's stock valued at $64,000 after buying an additional 125 shares during the period. State of Alaska Department of Revenue grew its stake in shares of Ligand Pharmaceuticals by 5.1% in the 3rd quarter. State of Alaska Department of Revenue now owns 10,425 shares of the biotechnology company's stock worth $1,043,000 after purchasing an additional 510 shares during the last quarter. Finally, Rice Hall James & Associates LLC boosted its position in shares of Ligand Pharmaceuticals by 7.0% in the 3rd quarter. Rice Hall James & Associates LLC now owns 312,879 shares of the biotechnology company's stock valued at $31,316,000 after purchasing an additional 20,404 shares during the period. Institutional investors and hedge funds own 91.28% of the company's stock.

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Ligand Pharmaceuticals Stock Up 3.5 %

NASDAQ LGND traded up $3.93 during trading hours on Tuesday, reaching $116.11. 48,434 shares of the company were exchanged, compared to its average volume of 93,227. The business's 50 day simple moving average is $114.15 and its 200-day simple moving average is $111.36. Ligand Pharmaceuticals Incorporated has a 1 year low of $67.72 and a 1 year high of $129.90. The stock has a market capitalization of $2.19 billion, a P/E ratio of 46.17 and a beta of 1.04.

Insider Buying and Selling

In other news, CFO Octavio Espinoza sold 2,104 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $116.37, for a total transaction of $244,842.48. Following the completion of the sale, the chief financial officer now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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