Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 55.9% in the third quarter, HoldingsChannel reports. The fund owned 26,963 shares of the biotechnology company’s stock after acquiring an additional 9,667 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Ligand Pharmaceuticals were worth $2,699,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of LGND. Thrivent Financial for Lutherans increased its stake in shares of Ligand Pharmaceuticals by 2.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 15,084 shares of the biotechnology company’s stock valued at $1,510,000 after purchasing an additional 329 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Ligand Pharmaceuticals by 79.4% in the third quarter. Victory Capital Management Inc. now owns 14,022 shares of the biotechnology company’s stock valued at $1,403,000 after buying an additional 6,206 shares in the last quarter. Lisanti Capital Growth LLC acquired a new position in shares of Ligand Pharmaceuticals during the 3rd quarter worth approximately $2,481,000. Atria Investments Inc lifted its position in shares of Ligand Pharmaceuticals by 6.3% during the 3rd quarter. Atria Investments Inc now owns 4,685 shares of the biotechnology company’s stock valued at $469,000 after buying an additional 279 shares in the last quarter. Finally, Portside Wealth Group LLC grew its stake in Ligand Pharmaceuticals by 13.9% in the 3rd quarter. Portside Wealth Group LLC now owns 3,100 shares of the biotechnology company’s stock valued at $310,000 after acquiring an additional 378 shares during the period. 91.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Ligand Pharmaceuticals

In related news, insider Andrew Reardon sold 1,500 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $106.39, for a total value of $159,585.00. Following the completion of the sale, the insider now owns 22,534 shares of the company’s stock, valued at approximately $2,397,392.26. This represents a 6.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Octavio Espinoza sold 1,275 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $103.94, for a total transaction of $132,523.50. Following the sale, the chief financial officer now owns 24,610 shares of the company’s stock, valued at approximately $2,557,963.40. The trade was a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,822 shares of company stock valued at $2,133,658. 5.90% of the stock is currently owned by insiders.

Ligand Pharmaceuticals Price Performance

LGND opened at $119.19 on Monday. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 47.49 and a beta of 0.99. The company’s 50 day simple moving average is $108.29 and its two-hundred day simple moving average is $98.66. Ligand Pharmaceuticals Incorporated has a 1-year low of $57.00 and a 1-year high of $129.90.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on LGND shares. Oppenheimer upped their price objective on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. HC Wainwright restated a “buy” rating and set a $157.00 price target on shares of Ligand Pharmaceuticals in a research report on Friday, November 8th. Benchmark lifted their price objective on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Royal Bank of Canada increased their target price on Ligand Pharmaceuticals from $130.00 to $140.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. Finally, Barclays lifted their price target on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $144.83.

Ligand Pharmaceuticals 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.