New Jersey Better Educational Savings Trust Lowers stake in Ligand Pharmaceuticals (LGND)

Ligand Pharmaceuticals (LGND) : New Jersey Better Educational Savings Trust reduced its stake in Ligand Pharmaceuticals by 14.29% during the most recent quarter end. The investment management company now holds a total of 6,000 shares of Ligand Pharmaceuticals which is valued at $798,840 after selling 1,000 shares in Ligand Pharmaceuticals , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.Ligand Pharmaceuticals makes up approximately 0.51% of New Jersey Better Educational Savings Trust’s portfolio.

Other Hedge Funds, Including , Ipswich Investment Management sold out all of its stake in LGND during the most recent quarter. The investment firm sold 500 shares of LGND which is valued $66,570.Tocqueville Asset Management reduced its stake in LGND by selling 1,410 shares or 9.38% in the most recent quarter. The Hedge Fund company now holds 13,625 shares of LGND which is valued at $1,837,740. Ligand Pharmaceuticals makes up approx 0.02% of Tocqueville Asset Management’s portfolio.Rice Hall James Associates boosted its stake in LGND in the latest quarter, The investment management firm added 1,458 additional shares and now holds a total of 185,829 shares of Ligand Pharmaceuticals which is valued at $25,285,752. Ligand Pharmaceuticals makes up approx 1.39% of Rice Hall James Associates’s portfolio. Nordea Investment Management Ab added LGND to its portfolio by purchasing 5,142 company shares during the most recent quarter which is valued at $694,787.

Ligand Pharmaceuticals closed down -5.845 points or -4.74% at $117.455 with 7,13,807 shares getting traded on Monday. Post opening the session at $123.26, the shares hit an intraday low of $117.15 and an intraday high of $123.92 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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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