Insider Selling: Ligand Pharmaceuticals Inc. (LGND) CEO Sells $8,347,620.00 in Stock

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Ligand Pharmaceuticals Inc. (NASDAQ:LGND) CEO John L. Higgins sold 34,500 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $241.96, for a total transaction of $8,347,620.00. Following the completion of the sale, the chief executive officer now owns 110,426 shares of the company’s stock, valued at $26,718,674.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Shares of NASDAQ LGND opened at $247.98 on Monday. Ligand Pharmaceuticals Inc. has a fifty-two week low of $123.11 and a fifty-two week high of $255.38. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 96.49, a price-to-earnings-growth ratio of 1.69 and a beta of 0.91. The company has a quick ratio of 2.32, a current ratio of 2.34 and a debt-to-equity ratio of 0.96.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced its earnings results on Monday, August 6th. The biotechnology company reported $2.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.34 by $0.25. Ligand Pharmaceuticals had a net margin of 52.10% and a return on equity of 25.95%. The business had revenue of $90.00 million during the quarter, compared to the consensus estimate of $82.20 million. During the same quarter last year, the firm earned $0.67 earnings per share. The business’s revenue for the quarter was up 221.4% on a year-over-year basis. sell-side analysts anticipate that Ligand Pharmaceuticals Inc. will post 5.74 EPS for the current year.

Several analysts have commented on the stock. Stephens restated a “buy” rating and issued a $248.00 price objective on shares of Ligand Pharmaceuticals in a report on Wednesday, August 8th. BidaskClub upgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 28th. Craig Hallum raised their price objective on shares of Ligand Pharmaceuticals from $230.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $182.00 target price on shares of Ligand Pharmaceuticals in a research note on Wednesday, May 9th. Finally, Roth Capital reaffirmed a “neutral” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 8th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $208.57.

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its position in shares of Ligand Pharmaceuticals by 8.3% during the second quarter. BlackRock Inc. now owns 3,264,974 shares of the biotechnology company’s stock valued at $676,405,000 after acquiring an additional 251,145 shares in the last quarter. Summit Trail Advisors LLC increased its position in shares of Ligand Pharmaceuticals by 14,496.1% during the first quarter. Summit Trail Advisors LLC now owns 1,948,730 shares of the biotechnology company’s stock valued at $1,949,000 after acquiring an additional 1,935,379 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Ligand Pharmaceuticals by 6.3% during the second quarter. Janus Henderson Group PLC now owns 927,101 shares of the biotechnology company’s stock valued at $192,068,000 after acquiring an additional 54,990 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Ligand Pharmaceuticals by 5.3% during the second quarter. Victory Capital Management Inc. now owns 537,355 shares of the biotechnology company’s stock valued at $111,324,000 after acquiring an additional 27,075 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Ligand Pharmaceuticals by 43.7% during the second quarter. Renaissance Technologies LLC now owns 523,494 shares of the biotechnology company’s stock valued at $108,452,000 after acquiring an additional 159,100 shares in the last quarter.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing and acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Promacta, an oral medicine that increases the number of platelets in the blood; Kyprolis and Evomela, which are used to treat multiple myeloma; Baxdela, a captisol-enabled delafloxacin-IV for the treatment of acute bacterial skin and skin structure infections; Nexterone, a captisol-enabled formulation of amiodarone; Noxafil-IV, a captisol-enabled formulation of posaconazole for IV use; Carnexiv, which is indicated as replacement therapy for oral carbamazepine formulations; bazedoxifene for the treatment of postmenopausal osteoporosis; commercial pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune diseases; Vivitra for breast cancer; and Bryxta for non-small cell lung cancer.

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