Blue Clay Capital Management Lowers stake in Ligand Pharmaceuticals (LGND)

Ligand Pharmaceuticals (LGND) : Blue Clay Capital Management reduced its stake in Ligand Pharmaceuticals by 8.51% during the most recent quarter end. The investment management company now holds a total of 16,125 shares of Ligand Pharmaceuticals which is valued at $1,837,283 after selling 1,500 shares in Ligand Pharmaceuticals , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Ligand Pharmaceuticals makes up approximately 2.39% of Blue Clay Capital Management’s portfolio.

Other Hedge Funds, Including , Peregrine Asset Advisers sold out all of its stake in LGND during the most recent quarter. The investment firm sold 2,100 shares of LGND which is valued $239,274.Canada Pension Plan Investment Board reduced its stake in LGND by selling 6,600 shares or 15.38% in the most recent quarter. The Hedge Fund company now holds 36,300 shares of LGND which is valued at $4,136,022. Ligand Pharmaceuticals makes up approx 0.02% of Canada Pension Plan Investment Board’s portfolio. Oxford Asset Management sold out all of its stake in LGND during the most recent quarter. The investment firm sold 36,329 shares of LGND which is valued $4,167,300.Hanseatic Management Services Inc boosted its stake in LGND in the latest quarter, The investment management firm added 60 additional shares and now holds a total of 7,819 shares of Ligand Pharmaceuticals which is valued at $964,083. Ligand Pharmaceuticals makes up approx 0.35% of Hanseatic Management Services Inc’s portfolio.

Ligand Pharmaceuticals opened for trading at $103.79 and hit $107.3299 on the upside on Thursday, eventually ending the session at $107.04, with a gain of 3.61% or 3.73 points. The heightened volatility saw the trading volume jump to 4,06,419 shares. Company has a market cap of $2,232 M.

On the company’s financial health, Ligand Pharmaceuticals reported $0.50 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $0.53. The company had revenue of $19.50 million for the quarter, compared to analysts expectations of $18.45 million. The company’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.81 EPS.

Many Wall Street Analysts have commented on Ligand Pharmaceuticals. Company shares were Downgraded by Deutsche Bank on Aug 5, 2016 to ” Sell”, Firm has raised the Price Target to $ 110 from a previous price target of $104 .

Ligand Pharmaceuticals Incorporated (Ligand) is a biotechnology company that operates with a business model focused on developing or acquiring revenue generating assets and coupling them with a lean corporate cost structure. The Company’s technology CAPTISOL is a formulation technology that has enabled seven United States Food and Drug Administration (FDA) approved products including Kyprolis and Noxafil-IV and is being developed in several clinical-stage partner programs. The Company is engaged in the development of product candidates indicated for the treatment of diseases such as hepatitis multiple myeloma muscle wasting Alzheimer’s disease dyslipidemia diabetes anemia epilepsy focal segmental glomerulosclerosis (FSGS) and osteoporosis.

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