Summit Global Investments Takes $473,000 Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Summit Global Investments bought a new position in shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,418 shares of the biotechnology company’s stock, valued at approximately $473,000.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Ligand Pharmaceuticals by 2.7% during the 3rd quarter. State Street Corp now owns 707,414 shares of the biotechnology company’s stock valued at $70,805,000 after acquiring an additional 18,642 shares during the last quarter. Congress Asset Management Co. grew its holdings in Ligand Pharmaceuticals by 2.9% in the fourth quarter. Congress Asset Management Co. now owns 621,482 shares of the biotechnology company’s stock valued at $66,592,000 after purchasing an additional 17,444 shares during the period. Chicago Capital LLC increased its position in Ligand Pharmaceuticals by 1.1% during the fourth quarter. Chicago Capital LLC now owns 551,588 shares of the biotechnology company’s stock worth $59,103,000 after purchasing an additional 5,767 shares during the last quarter. Geode Capital Management LLC raised its stake in Ligand Pharmaceuticals by 5.5% during the third quarter. Geode Capital Management LLC now owns 428,270 shares of the biotechnology company’s stock worth $42,874,000 after purchasing an additional 22,495 shares during the period. Finally, Loomis Sayles & Co. L P boosted its holdings in shares of Ligand Pharmaceuticals by 44.3% in the 3rd quarter. Loomis Sayles & Co. L P now owns 372,779 shares of the biotechnology company’s stock valued at $37,312,000 after purchasing an additional 114,436 shares during the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Stock Up 3.3 %

Shares of NASDAQ:LGND opened at $111.67 on Tuesday. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 44.49 and a beta of 1.12. The company has a 50 day moving average of $114.33 and a two-hundred day moving average of $111.95. Ligand Pharmaceuticals Incorporated has a 52-week low of $67.72 and a 52-week high of $129.90.

Insider Activity

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total value of $575,150.00. Following the completion of the transaction, the chief financial officer now directly owns 18,879 shares of the company’s stock, valued at $2,171,651.37. This represents a 20.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 5.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on LGND shares. Barclays increased their target price on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Royal Bank of Canada lifted their price objective on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. StockNews.com raised shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, March 18th. Benchmark reaffirmed a “buy” rating and set a $135.00 price target on shares of Ligand Pharmaceuticals in a research report on Monday, December 23rd. Finally, HC Wainwright reissued a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $147.00.

Ligand Pharmaceuticals Company 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.