Friedberg Investment Management Decreases Position in Ligand Pharmaceuticals Incorporated (LGND)

Friedberg Investment Management cut its holdings in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 29.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,220 shares of the biotechnology company’s stock after selling 1,800 shares during the period. Friedberg Investment Management’s holdings in Ligand Pharmaceuticals were worth $512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. First Mercantile Trust Co. increased its holdings in Ligand Pharmaceuticals by 1.6% in the second quarter. First Mercantile Trust Co. now owns 1,310 shares of the biotechnology company’s stock valued at $159,000 after buying an additional 20 shares in the last quarter. Pinebridge Investments L.P. increased its holdings in Ligand Pharmaceuticals by 1.3% in the second quarter. Pinebridge Investments L.P. now owns 2,508 shares of the biotechnology company’s stock valued at $304,000 after buying an additional 32 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its holdings in Ligand Pharmaceuticals by 0.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 4,350 shares of the biotechnology company’s stock valued at $460,000 after buying an additional 40 shares in the last quarter. Eqis Capital Management Inc. increased its holdings in Ligand Pharmaceuticals by 0.6% in the second quarter. Eqis Capital Management Inc. now owns 8,609 shares of the biotechnology company’s stock valued at $1,045,000 after buying an additional 51 shares in the last quarter. Finally, US Bancorp DE increased its holdings in Ligand Pharmaceuticals by 1.8% in the first quarter. US Bancorp DE now owns 3,845 shares of the biotechnology company’s stock valued at $407,000 after buying an additional 67 shares in the last quarter.

In other Ligand Pharmaceuticals news, VP Charles S. Berkman sold 18,625 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $126.96, for a total transaction of $2,364,630.00. Following the completion of the transaction, the vice president now directly owns 24,423 shares in the company, valued at approximately $3,100,744.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jason Aryeh sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $127.99, for a total transaction of $255,980.00. Following the transaction, the director now owns 59,625 shares of the company’s stock, valued at $7,631,403.75. The disclosure for this sale can be found here. Insiders sold 37,208 shares of company stock valued at $4,733,796 in the last quarter. Company insiders own 14.70% of the company’s stock.

Ligand Pharmaceuticals Incorporated (LGND) traded up 1.00% during mid-day trading on Monday, hitting $143.02. 40,630 shares of the stock were exchanged. Ligand Pharmaceuticals Incorporated has a one year low of $87.50 and a one year high of $143.02. The company has a 50-day moving average price of $133.19 and a 200-day moving average price of $119.29. The company has a market cap of $3.01 billion, a P/E ratio of 348.83 and a beta of 1.01.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings data on Monday, August 7th. The biotechnology company reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.42. Ligand Pharmaceuticals had a net margin of 7.39% and a return on equity of 5.05%. The firm had revenue of $28.00 million during the quarter, compared to analysts’ expectations of $24.40 million. During the same quarter last year, the business earned $0.50 earnings per share. The business’s revenue for the quarter was up 43.6% compared to the same quarter last year. Analysts forecast that Ligand Pharmaceuticals Incorporated will post $2.95 earnings per share for the current fiscal year.

A number of research firms have weighed in on LGND. HC Wainwright reaffirmed a “buy” rating and issued a $157.00 price objective on shares of Ligand Pharmaceuticals in a report on Thursday. TheStreet raised shares of Ligand Pharmaceuticals from a “c” rating to a “b-” rating in a report on Monday, August 7th. ValuEngine raised shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Stephens reaffirmed an “overweight” rating and issued a $137.00 price objective (up previously from $125.00) on shares of Ligand Pharmaceuticals in a report on Wednesday, August 9th. Finally, BidaskClub raised shares of Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $133.25.

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A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. First Mercantile Trust Co. increased its holdings in Ligand Pharmaceuticals by 1.6% in the second quarter. First Mercantile Trust Co. now owns 1,310 shares of the biotechnology company’s stock valued at $159,000 after buying an additional 20 shares in the last quarter. Pinebridge Investments L.P. increased its holdings in Ligand Pharmaceuticals by 1.3% in the second quarter. Pinebridge Investments L.P. now owns 2,508 shares of the biotechnology company’s stock valued at $304,000 after buying an additional 32 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its holdings in Ligand Pharmaceuticals by 0.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 4,350 shares of the biotechnology company’s stock valued at $460,000 after buying an additional 40 shares in the last quarter. Eqis Capital Management Inc. increased its holdings in Ligand Pharmaceuticals by 0.6% in the second quarter. Eqis Capital Management Inc. now owns 8,609 shares of the biotechnology company’s stock valued at $1,045,000 after buying an additional 51 shares in the last quarter. Finally, US Bancorp DE increased its holdings in Ligand Pharmaceuticals by 1.8% in the first quarter. US Bancorp DE now owns 3,845 shares of the biotechnology company’s stock valued at $407,000 after buying an additional 67 shares in the last quarter.

In other Ligand Pharmaceuticals news, VP Charles S. Berkman sold 18,625 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $126.96, for a total transaction of $2,364,630.00. Following the completion of the transaction, the vice president now directly owns 24,423 shares in the company, valued at approximately $3,100,744.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jason Aryeh sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $127.99, for a total transaction of $255,980.00. Following the transaction, the director now owns 59,625 shares of the company’s stock, valued at $7,631,403.75. The disclosure for this sale can be found here. Insiders sold 37,208 shares of company stock valued at $4,733,796 in the last quarter. Company insiders own 14.70% of the company’s stock.

Ligand Pharmaceuticals Incorporated (LGND) traded up 1.00% during mid-day trading on Monday, hitting $143.02. 40,630 shares of the stock were exchanged. Ligand Pharmaceuticals Incorporated has a one year low of $87.50 and a one year high of $143.02. The company has a 50-day moving average price of $133.19 and a 200-day moving average price of $119.29. The company has a market cap of $3.01 billion, a P/E ratio of 348.83 and a beta of 1.01.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings data on Monday, August 7th. The biotechnology company reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.42. Ligand Pharmaceuticals had a net margin of 7.39% and a return on equity of 5.05%. The firm had revenue of $28.00 million during the quarter, compared to analysts’ expectations of $24.40 million. During the same quarter last year, the business earned $0.50 earnings per share. The business’s revenue for the quarter was up 43.6% compared to the same quarter last year. Analysts forecast that Ligand Pharmaceuticals Incorporated will post $2.95 earnings per share for the current fiscal year.

A number of research firms have weighed in on LGND. HC Wainwright reaffirmed a “buy” rating and issued a $157.00 price objective on shares of Ligand Pharmaceuticals in a report on Thursday. TheStreet raised shares of Ligand Pharmaceuticals from a “c” rating to a “b-” rating in a report on Monday, August 7th. ValuEngine raised shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Stephens reaffirmed an “overweight” rating and issued a $137.00 price objective (up previously from $125.00) on shares of Ligand Pharmaceuticals in a report on Wednesday, August 9th. Finally, BidaskClub raised shares of Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $133.25.

TRADEMARK VIOLATION WARNING: This report was reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this report on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The correct version of this report can be viewed at https://ledgergazette.com/2017/10/09/friedberg-investment-management-decreases-position-in-ligand-pharmaceuticals-incorporated-lgnd.html.

Ligand Pharmaceuticals Profile

Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company is involved in the development and licensing of biopharmaceutical assets. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.

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Institutional Ownership by Quarter for Ligand Pharmaceuticals (NASDAQ:LGND)

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