Citigroup Inc. Maintains $526,000 Investment in Ligand Pharmaceuticals

Citigroup Inc. has adjusted its investment portfolio by reducing its holdings in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND), according to its latest SEC filing. During the third quarter, Citigroup Inc. decreased its stake by 45.4%, resulting in ownership of 8,777 shares worth approximately $526,000. This change left Citigroup with a stake of 0.05% in the biotechnology company.

Investment Changes by Different Entities

Diverse investors have also altered their stakes in Ligand Pharmaceuticals. China Universal Asset Management Co. Ltd. notably upped their shares by 95.1% in the same quarter, and now holds 441 shares valued at $26,000. Similarly, Lazard Asset Management LLC initiated a brand-new position in Ligand Pharmaceuticals in the second quarter, investing about $39,000. Meanwhile, FMR LLC expanded their ownership by 38.0% in the first quarter, now having 566 shares valued at $42,000. State of Wyoming began a new stake in the fourth quarter valued at roughly $45,000. In another notable increase, Tower Research Capital LLC TRC raised its investment by 240.4% during the third quarter, owning 1,103 shares worth $66,000. Overall, institutional investors possess 89.19% of Ligand Pharmaceuticals.

Analyst Ratings and Commentaries

Several brokerages have recently issued reports on LGND stock. Benchmark reaffirmed a "buy" rating with a $95 target price, and HC Wainwright maintained a "buy" recommendation with a $144 price objective. The stock has an average "Moderate Buy" consensus rating and a $116.33 consensus price target, as aggregated by MarketBeat.

Insider Trading Activity

Director Stephen L. Sabba recently sold 1,893 shares at an average price of $74.30, totaling $140,649.90. Post-transaction, Sabba retains 28,926 shares valued at around $2,149,201.80. Currently, insiders hold 10.40% of the company's stock.

Performance of Ligand Pharmaceuticals Stock

Ligand Pharmaceuticals has shown volatility in its stock price. The stock opened at $71.00 on a recent Friday, with a 52-week range between $49.24 and $94.57. The 50-day and 200-day moving averages stood at $74.23 and $65.67, respectively. The company maintains a market capitalization of $1.26 billion, a price-to-earnings ratio of 25.82, and a beta of 1.02.

In terms of financial performance, Ligand reported earnings of $0.79 per share for the last quarter, surpassing the consensus estimate by $0.55. The firm achieved an 11.98% return on equity and a net margin of 37.80%, with quarterly revenues reaching $28.10 million against analysts' expectations of $24.54 million. Analysts anticipate an EPS of 2.91 for the current fiscal year.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals, with global operations, focuses on developing and licensing biopharmaceutical assets. Its portfolio includes treatments for multiple myeloma, acute lymphoblastic leukemia, and osteoporosis, as well as products for preventing invasive diseases caused by streptococcus pneumoniae.

Citigroup, Investment, Ligand