Short Interest in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Rises By 22.4%

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) was the target of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 955,100 shares, an increase of 22.4% from the February 28th total of 780,100 shares. Currently, 5.4% of the company’s stock are short sold. Based on an average daily volume of 115,100 shares, the days-to-cover ratio is presently 8.3 days.

Ligand Pharmaceuticals Price Performance

Shares of LGND stock traded up $0.72 during mid-day trading on Wednesday, hitting $105.54. The stock had a trading volume of 22,303 shares, compared to its average volume of 122,984. Ligand Pharmaceuticals has a 12-month low of $67.72 and a 12-month high of $129.90. The firm’s 50-day moving average is $113.81 and its two-hundred day moving average is $112.15. The firm has a market capitalization of $2.03 billion, a P/E ratio of 42.21 and a beta of 1.12.

Insiders Place Their Bets

In related news, CFO Octavio Espinoza sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $115.03, for a total transaction of $575,150.00. Following the completion of the sale, the chief financial officer now owns 18,879 shares of the company’s stock, valued at $2,171,651.37. This trade represents a 20.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ligand Pharmaceuticals

Several hedge funds have recently modified their holdings of LGND. Smartleaf Asset Management LLC lifted its holdings in Ligand Pharmaceuticals by 119.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 406 shares of the biotechnology company’s stock worth $43,000 after buying an additional 221 shares during the period. GF Fund Management CO. LTD. purchased a new stake in shares of Ligand Pharmaceuticals during the 4th quarter worth about $43,000. Redwood Park Advisors LLC acquired a new position in Ligand Pharmaceuticals in the 4th quarter worth about $48,000. Sterling Capital Management LLC boosted its position in Ligand Pharmaceuticals by 825.4% during the fourth quarter. Sterling Capital Management LLC now owns 546 shares of the biotechnology company’s stock worth $59,000 after purchasing an additional 487 shares in the last quarter. Finally, US Bancorp DE grew its holdings in Ligand Pharmaceuticals by 14.8% in the fourth quarter. US Bancorp DE now owns 758 shares of the biotechnology company’s stock valued at $81,000 after purchasing an additional 98 shares during the period. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Wall Street Analysts Forecast Growth

LGND has been the topic of a number of research analyst reports. HC Wainwright restated a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. StockNews.com upgraded shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, March 18th. Benchmark reissued a “buy” rating and set a $135.00 target price on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. Barclays raised their price target on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Finally, Royal Bank of Canada increased their target price on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently 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.