Navigation Links
Lemelson Capital Comments on Large Institutional Selling in Shares of Ligand Pharmaceuticals Amidst Company's Insolvency and Mounting Going Concern Risk
Date:8/25/2014

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: http://www.lemelsoncapital.com.

Contact:
+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:
*Name:
*Comment:
*Email:
(Date:1/17/2017)... PARSIPPANY, N.J. , Jan. 17, 2017 Interpace ... that provides clinically useful molecular diagnostic tests and pathology ... it has received a letter dated January 13, 2017 ... it has regained compliance with the requirement of the ... price of $1.00 per share. The letter ...
(Date:1/17/2017)... -- Research and Markets has announced the addition of the ... offering. ... comprehensive report, identifies and profiles the leading 200 manufacturers and distributors of ... the United States and Europe ... . Profile information for each company in The Top ...
(Date:1/17/2017)... 2017 Catherine Amey ... http://www.touchneurology.com/articles/tailored-temperature-management-neurocritical-care ...      (Logo: http://photos.prnewswire.com/prnh/20151014/276718LOGO) ... European Neurological Review , ... reports that despite standard care, temperatures exceeding ...
Breaking Medicine Technology:
(Date:1/17/2017)... (PRWEB) , ... January 17, 2017 , ... ... and breast cancer survivor Sandra Lee as keynote speaker for the 34th Annual ... Florida. , In making the announcement, PER® president, Phil Talamo, said, “We are ...
(Date:1/17/2017)... (PRWEB) , ... January 17, 2017 , ... Today, ... USA Wrestling announced a new agreement as part of a long-term extension of ... 2024 and includes the airing of some of the sport’s premier events exclusively on ...
(Date:1/16/2017)... ... 16, 2017 , ... California Southern University has named Dr. Steven Beazley University ... Trustees and as a core faculty member, teaching master’s and doctoral courses in the ... at Pepperdine University, where he earned his Doctor of Psychology degree in 1998. Dr. ...
(Date:1/16/2017)... (PRWEB) , ... January 16, 2017 , ... Anybody who ... be interested in a new video released by Serenity Recovery, a holistic treatment center ... Serenity Recovery YouTube channel, features footage and testimonials from patients and staff that visited ...
(Date:1/16/2017)... ... January 16, 2017 , ... Specialty Technical Publishers (STP) ... Audit Protocol Consortium (IAPC) EHS audit protocol for Singapore . Leading companies ... their EHS regulatory obligations and rapidly collect, share, archive, and export audit findings ...
Breaking Medicine News(10 mins):