Navigation Links
Lemelson Capital Comments on Large Institutional Selling in Shares of Ligand Pharmaceuticals Amidst Company's Insolvency and Mounting Going Concern Risk

MARLBOROUGH, Mass., Aug. 25, 2014 /PRNewswire/ -- Lemelson Capital Management, a private investment management firm, today released additional research and comments on Ligand Pharmaceuticals (NASDAQ: LGND) amidst the company's unusual and complex debt arrangement under which the firm has assumed $245 million in debt principally so that large institutional shareholders can offload shares of the troubled company in private transactions at undisclosed prices.  In what is likely the first in a series of large institutional share sales of Ligand, the company's largest shareholder, BVF, Inc., revealed to the U.S. Securities and Exchange Commission (SEC) this week that it has sold 484,524 shares of the company's stock.

"Ligand Pharmaceuticals is an insolvent company facing severe competitive threats to its key royalty programs that has now absorbed an extraordinary amount of costly debt apparently to allow their largest shareholders to liquidate their holdings as 'going concern risk' at the company grows," Lemelson Capital Management Chief Investment Officer Emmanuel Lemelson said today.  "This transaction reaffirms our prior research thesis that Ligand has justifiably lost favor with its largest investors and has dramatically increased the likelihood of the company eventually being forced to seek protection from creditors," he added.

The report on Ligand can be found here.

Lemelson Capital's previous research reports (PDF versions) on Ligand can be found herehere and here.

Lemelson Capital Management first announced its short position in Ligand Pharmaceuticals on June 16, 2014.  The stock has undergone a significant 26 percent correction since.  "We reiterate our position that the intrinsic value for Ligand is zero and see these large institutional sales as an indication that our concerns are increasingly broadly held," Lemelson said.

Disclosure:  Lemelson Capital is currently short shares of LGND for its clients.

About Lemelson Capital Management:

Lemelson Capital Management, LLC is a private investment management firm focused on deep value and special situation investments.  The firm's flagship fund, The Amvona Fund, has been named repeatedly one of the world's top performing hedge funds.  For more information, see:

+Emmanuel Lemelson
Chief Investment Officer
Lemelson Capital Management, LLC
(508) 630-2281


SOURCE Lemelson Capital Management, LLC
Copyright©2014 PR Newswire.
All rights reserved

Related medicine technology :

1. Lemelson Capital Management Further Increases Short Position in Ligand Pharmaceuticals (NASDAQ: LGND), Updates LGND Research Report with New Material Information
2. Cardiva Medical, Inc. Announces Completion of the first two tranches of Series 3 Private Equity Financing and the Closing of a Senior Secured Debt Facility with GE Capital
3. Immune Pharmaceuticals Announces Approval for Listing on the NASDAQ Capital Market
4. BiOptix Announces Additional $1.4M in Funding to Aid in Commercialization and Working Capital Needs
5. Northsight Capital, Inc. Names Wall Street Veteran John Bluher, Former EVP And General Counsel Of Knight Trading Group, Chairman And CEO.
6. Creekridge Capital Signs Several New Vendor Partners
7. Phosphagenics A$19.3 million Capital Raising
8. Echo Therapeutics to Present at the Noble Financial Capital Markets Tenth Annual Equity Conference
9. Equipment Dealers Applaud Direct Capitals Finance Solutions
10. Pre-Market Update: MGT Capital Investments, National American University Holdings and Actinium Pharmaceuticals
11. Nutrastar International Inc. Announces That Acclaimed Value Investor, Accretive Capital Partners, Significantly Increased Its Ownership of the Company through Private Transactions
Post Your Comments:
(Date:11/26/2015)... 26, 2015 ... ser potential att använda SyMRI för att ... för patienter med multipel skleros (MS) eller ... SyntheticMR AB för att kunna använda SyMRI ... Med SyMRI kan man generera flera konstrastbilder ...
(Date:11/26/2015)... November 26, 2015 ... adds "Global Repaglinide Industry ... Report on China Repaglinide Market, 2010-2019" ... data and information to its online ... . --> ...
(Date:11/26/2015)... 2015 ) ... "Radioimmunoassay Market by Type (Reagents & Kits, ... Clinical Diagnostic Labs), Application (Research, Clinical Diagnostics), ... report to their offering. --> ... of the "Radioimmunoassay Market by Type ...
Breaking Medicine Technology:
(Date:11/27/2015)... ... November 27, 2015 , ... Keeping in mind challenges faced ... and wellness consultation, has collaborated with a leading web-based marketplace for extra-curricular activities ... by parents and bring advice from parenting experts within their reach. As a ...
(Date:11/27/2015)... (PRWEB) , ... November 27, 2015 , ... Avid collector, ... Ann Arbor Michigan boxing style concert posters. This is one of Joplin's most famous ... Canterbury House at the University of Michigan in Ann Arbor. The According to Hawley, ...
(Date:11/26/2015)... Cambridge, ON (PRWEB) , ... November 26, 2015 ... ... availability of a real-time eReferral system for diagnostic imaging in the Waterloo region. ... mammography, BMD and Nuclear Medicine tests directly from their electronic medical record (EMR) ...
(Date:11/26/2015)... ... November 26, 2015 , ... PRMA Plastic Surgery is ... 2015, our surgeons performed their 6,000th free flap breast reconstruction surgery! , “What an ... every day excited to rebuild lives and it’s an honor to have served all ...
(Date:11/26/2015)... ... November 26, 2015 , ... Indosoft Inc., developer and distributor of the world-class ... improve system efficiency and reliability. , The new Q-Suite 6 platform is based on ... avoids locking itself into a specific piece of software for many key components of ...
Breaking Medicine News(10 mins):