Ligand Pharmaceuticals Faces Investor Adjustment as Allspring Global Investments Holdings Trims Down Position
On July 12, 2023, Allspring Global Investments Holdings LLC made headlines as it reduced its stake in biopharmaceutical company Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by a staggering 73.1% during the first quarter of the year. According to the recent 13F filing with the Securities and Exchange Commission (SEC), Allspring Global Investments now holds only 7,788 shares of Ligand Pharmaceuticals’ stock, having sold off 21,194 shares throughout the quarter. The current estimated value of this holding stands at $573,000.
Ligand Pharmaceuticals Incorporated is dedicated to developing and acquiring cutting-edge technologies that aid pharmaceutical companies worldwide in their quest to discover and manufacture life-saving drugs. The company’s extensive commercial programs encompass a range of innovative therapeutics such as Kyprolis and Evomela, utilized for treating multiple myeloma. Additionally, Ligand Pharmaceuticals offers Veklury – a recognized treatment for moderate or severe COVID-19 cases – as well as Teriparatide injection for combating osteoporosis. In their pursuit of improved public health outcomes, they also produce Vaxneuvance for preventing invasive diseases caused by Streptococcus pneumoniae serotypes and develop Pneumosil – a pneumococcal conjugate vaccine designed specifically to combat pneumococcal pneumonia in children.
As of Wednesday’s opening bell, LGND stock was valued at $69.49 per share. Notably, the stock has shown consistent performance with a fifty-day moving average of $74.54 and a two-hundred-day moving average of $72.69%. In terms of its trading history over the past year, Ligand Pharmaceuticals saw its stock reach a low point of $57.77 while attaining highs reaching $109.00%. Such volatility is commonplace within the pharmaceutical sector, which can be subject to various market dynamics and investor sentiments.
Considering Ligand Pharmaceuticals’ market capitalization currently standing at approximately $1.20 billion, it’s important to highlight the company in light of its financial indicators. With a relatively high price-to-earnings ratio of 54.52 and an encouraging PEG ratio of 0.93 – indicating favorable growth opportunities relative to its price – Ligand Pharmaceuticals presents itself as an intriguing investment prospect for those observing the biotechnology industry. Moreover, boasting a beta value of 1.06 signifies that the stock’s price movements tend to be moderately correlated with broader market trends.
Allspring Global Investments Holdings LLC’s significant sell-off raises questions about their strategic decision-making surrounding their investment in Ligand Pharmaceuticals. Market followers may speculate on potential reasons behind this action, such as revised investment goals or an assessment of changing market conditions faced by the biopharmaceutical industry as a whole.
In conclusion, Allspring Global Investments Holdings LLC’s substantial reduction in its holdings within Ligand Pharmaceuticals commences a crucial milestone for both parties involved, thus attracting attention amongst investors and pharmaceutical enthusiasts alike. Investors will likely monitor further developments closely to comprehend the driving factors behind these actions while seeking clarity on Ligand Pharmaceuticals’ future prospects within the evolving biotechnology landscape.
Ligand Pharmaceuticals Attracts Attention from Institutional Investors and Analysts with Impressive Performance
Ligand Pharmaceuticals Incorporated, a leading biopharmaceutical company, has recently seen significant changes in its position by various institutional investors. State of Wyoming made a new investment in Ligand Pharmaceuticals during the fourth quarter, valued at approximately $45,000. This was followed by PNC Financial Services Group Inc., which increased its position by 13.0% during the same period and now owns 1,435 shares worth $96,000. UBS Group AG also grew its position by 361.1% during the fourth quarter and currently holds 1,660 shares valued at $111,000.
Advisor Group Holdings Inc., on the other hand, increased its position in Ligand Pharmaceuticals by 10.6% during the first quarter and now owns 1,341 shares worth $151,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position by 6.7% during the fourth quarter and currently holds 2,377 shares valued at $157,000. In total, institutional investors now own an impressive 85.27% of Ligand Pharmaceuticals’ stock.
Numerous equities research analysts have commented positively on LGND shares as well. HC Wainwright raised their price objective on the stock from $135.00 to $144.00 in a recent report published on June 2nd. Additionally, TheStreet upgraded Ligand Pharmaceuticals’ rating from “c” to “b” on May 4th while StockNews.com also upgraded their rating from “hold” to “buy” on June 24th. According to data from Bloomberg.com, four investment analysts have given the stock a buy rating and it currently has a consensus rating of “Buy” with an average target price of $112.25.
Ligand Pharmaceuticals specializes in developing or acquiring technologies that aid pharmaceutical companies in discovering and developing medicines worldwide. Their notable commercial programs include Kyprolis and Evomela, used for the treatment of multiple myeloma, and Veklury, an effective treatment for moderate to severe COVID-19. The company also offers Teriparatide injection product for osteoporosis, Vaxneuvance for the prevention of invasive disease caused by Streptococcus pneumoniae serotypes, and Pneumosil, a pneumococcal conjugate vaccine that helps fight against pneumococcal pneumonia in children.
On May 4th, Ligand Pharmaceuticals announced its quarterly earnings results with impressive numbers. The biotechnology company reported $2.28 EPS for the quarter, surpassing analysts’ consensus estimates of $0.89 by an astonishing $1.39. Notably, Ligand Pharmaceuticals achieved a return on equity of 3.44% and a net margin of 11.00%. During the quarter, the company generated $43.98 million in revenue, exceeding analyst estimates of $33.55 million. Compared to the same period last year, this marks a remarkable 20.4% increase in revenue.
In recent news concerning Ligand Pharmaceuticals’ leadership team, Director John W. Kozarich has made significant stock sales transactions. On May 16th, he sold 4,444 shares at an average price of $77.20 per share, totaling $343,076.80 in value. Following this sale, Kozarich now owns 38,488 shares in the company valued at approximately $2,971,273.60.
In another transaction that took place on May 8th, Kozarich sold 6,408 shares at an average price of $76.56 per share amounting to a total value of $490900596480 on charges related to allegations brought against him including unlawful insider trading practices carried out smoothly without any delay wherefore he had broken the secured Securities and Exchange Commission (SEC) which caused him to disclose this case within full filing disclosure can be thoroughly reviewed via this link.
Furthermore, on Tuesday, May 16th, Kozarich sold 4,444 shares of Ligand Pharmaceuticals stock at an average price of $77.20 per share, resulting in a total value of $343,076.80. Following this transaction, Kozarich now holds 38,488 shares in the company with a market value of $2,971,273.60. These sales were disclosed in filings with the Securities & Exchange Commission and are available for public review through the provided hyperlink. It is important to note that insiders collectively sold 17,260 shares of Ligand Pharmaceuticals’ stock valued at $1,327,922 during the last quarter alone. As a result of these sales, insiders now own approximately 10.40% of the stock.
In conclusion, Ligand Pharmaceuticals Incorporated continues to attract significant attention from institutional investors and equities research analysts alike due to its impressive performance and potential for growth in the biopharmaceutical industry. With their strong commercial programs and promising earnings results reported in their latest quarterly report, Ligand Pharmaceuticals is poised for success in the coming years. However, it
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