Franklin Resources Inc. Has $9.79 Million Holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

Franklin Resources Inc. increased its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 503.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 94,659 shares of the biotechnology company’s stock after purchasing an additional 78,973 shares during the quarter. Franklin Resources Inc.’s holdings in Ligand Pharmaceuticals were worth $9,793,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Chicago Capital LLC increased its stake in shares of Ligand Pharmaceuticals by 124.3% in the second quarter. Chicago Capital LLC now owns 514,946 shares of the biotechnology company’s stock valued at $43,389,000 after buying an additional 285,350 shares during the period. F M Investments LLC acquired a new stake in Ligand Pharmaceuticals during the 2nd quarter valued at approximately $11,350,000. Loomis Sayles & Co. L P raised its holdings in Ligand Pharmaceuticals by 44.3% during the 3rd quarter. Loomis Sayles & Co. L P now owns 372,779 shares of the biotechnology company’s stock worth $37,312,000 after purchasing an additional 114,436 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Ligand Pharmaceuticals by 6.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 708,624 shares of the biotechnology company’s stock worth $59,707,000 after purchasing an additional 44,543 shares during the period. Finally, Edgestream Partners L.P. bought a new stake in shares of Ligand Pharmaceuticals in the 3rd quarter valued at $3,410,000. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Price Performance

LGND opened at $114.64 on Friday. Ligand Pharmaceuticals Incorporated has a fifty-two week low of $67.53 and a fifty-two week high of $129.90. The firm has a market capitalization of $2.17 billion, a P/E ratio of 45.67 and a beta of 1.01. The company’s 50-day moving average is $115.47 and its 200 day moving average is $103.19.

Insiders Place Their Bets

In related news, Director John L. Lamattina sold 2,406 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $123.65, for a total transaction of $297,501.90. Following the completion of the sale, the director now directly owns 29,515 shares of the company’s stock, valued at approximately $3,649,529.75. This trade represents a 7.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Matthew E. Korenberg sold 9,772 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $101.22, for a total value of $989,121.84. Following the completion of the transaction, the chief operating officer now directly owns 50,777 shares in the company, valued at approximately $5,139,647.94. This represents a 16.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,178 shares of company stock valued at $1,485,824 in the last 90 days. 5.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on LGND shares. Oppenheimer boosted their target price on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Royal Bank of Canada boosted their price objective on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. HC Wainwright reiterated a “buy” rating on shares of Ligand Pharmaceuticals in a report on Wednesday, December 11th. Benchmark increased their price target on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Barclays lifted their price objective on shares of Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus 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.