Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Short Interest Down 14.9% in February

by · The Cerbat Gem

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND – Get Free Report) saw a large decline in short interest during the month of February. As of February 29th, there was short interest totalling 762,600 shares, a decline of 14.9% from the February 14th total of 896,600 shares. Based on an average daily volume of 143,000 shares, the days-to-cover ratio is currently 5.3 days. Approximately 4.6% of the company’s shares are sold short.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director Stephen L. Sabba sold 1,893 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $74.30, for a total value of $140,649.90. Following the transaction, the director now directly owns 28,926 shares in the company, valued at approximately $2,149,201.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 10.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Ligand Pharmaceuticals by 95.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 441 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 215 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Ligand Pharmaceuticals in the 2nd quarter valued at $39,000. FMR LLC boosted its holdings in shares of Ligand Pharmaceuticals by 38.0% in the 1st quarter. FMR LLC now owns 566 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 156 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Ligand Pharmaceuticals by 655.6% in the 4th quarter. US Bancorp DE now owns 612 shares of the biotechnology company’s stock valued at $44,000 after buying an additional 531 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of Ligand Pharmaceuticals in the 4th quarter valued at $45,000. Institutional investors and hedge funds own 89.19% of the company’s stock.

Ligand Pharmaceuticals Stock Down 1.2 %

NASDAQ LGND opened at $71.09 on Monday. Ligand Pharmaceuticals has a 52 week low of $49.24 and a 52 week high of $94.57. The stock has a market capitalization of $1.26 billion, a PE ratio of 25.85 and a beta of 1.02. The firm has a 50 day moving average of $74.32 and a two-hundred day moving average of $65.45.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on LGND. HC Wainwright reissued a “buy” rating and issued a $144.00 price target on shares of Ligand Pharmaceuticals in a research note on Thursday, February 29th. Benchmark reaffirmed a “buy” rating and set a $95.00 target price on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 13th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $116.33.

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About Ligand Pharmaceuticals

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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.

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