Turner Investments buys $7.2 Million stake in Ligand Pharmaceuticals (LGND)

Ligand Pharmaceuticals (LGND) : Turner Investments scooped up 41,030 additional shares in Ligand Pharmaceuticals during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 61,030 shares of Ligand Pharmaceuticals which is valued at $7.2 Million.Ligand Pharmaceuticals makes up approximately 1.98% of Turner Investments’s portfolio.

Other Hedge Funds, Including , Alliancebernstein reduced its stake in LGND by selling 3,200 shares or 10.32% in the most recent quarter. The Hedge Fund company now holds 27,809 shares of LGND which is valued at $3.3 Million. Mackenzie Financial Corp added LGND to its portfolio by purchasing 22,241 company shares during the most recent quarter which is valued at $2.6 Million. Ligand Pharmaceuticals makes up approx 0.02% of Mackenzie Financial Corp’s portfolio.Mckinley Capital Management Delaware boosted its stake in LGND in the latest quarter, The investment management firm added 18,206 additional shares and now holds a total of 60,323 shares of Ligand Pharmaceuticals which is valued at $7.1 Million. Ligand Pharmaceuticals makes up approx 0.35% of Mckinley Capital Management Delaware’s portfolio.Matarin Capital Management boosted its stake in LGND in the latest quarter, The investment management firm added 17,301 additional shares and now holds a total of 35,410 shares of Ligand Pharmaceuticals which is valued at $4.2 Million. Ligand Pharmaceuticals makes up approx 0.59% of Matarin Capital Management’s portfolio.Willingdon Wealth Management reduced its stake in LGND by selling 4,295 shares or 35.42% in the most recent quarter. The Hedge Fund company now holds 7,832 shares of LGND which is valued at $919,398. Ligand Pharmaceuticals makes up approx 0.56% of Willingdon Wealth Management’s portfolio.

Ligand Pharmaceuticals opened for trading at $121.29 and hit $124.07 on the upside on Wednesday, eventually ending the session at $122.56, with a gain of 1.50% or 1.81 points. The heightened volatility saw the trading volume jump to 3,73,600 shares. Company has a market cap of $2,552 M.

On the company’s financial health, Ligand Pharmaceuticals reported $0.97 EPS for the quarter, beating the analyst consensus estimate by $ 0.32 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.65. The company had revenue of $29.60 million for the quarter, compared to analysts expectations of $26.58 million. The company’s revenue was up 102.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS.

Many Wall Street Analysts have commented on Ligand Pharmaceuticals. Ligand Pharmaceuticals was Initiated by Sidoti to “Buy” on Mar 11, 2016. H.C. Wainwright Initiated Ligand Pharmaceuticals on Mar 3, 2016 to “Buy”, Price Target of the shares are set at $146.

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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