David M. Knott‘s Dorset Managment, recently filed an amended 13D, with the US SEC, reporting David Knott’s resignation from the board of the directors of Ligand Pharmaceuticals Inc (NASDAQ:LGND), for reasons that are unconnected to the company. Dorset Management owns 1.30 million shares of Ligand Pharmaceuticals (NASDAQ:LGND), which amass 6.2% of the company’s outstanding stock. In its last 13F filing (for the end of March), Dorset Management reported a slightly lower stake of 1.28 million shares.
wavebreakmedia/Shutterstock.com
Follow Ligand Pharmaceuticals Inc (NASDAQ:LGND)
Follow Ligand Pharmaceuticals Inc (NASDAQ:LGND)
Ligand Pharmaceuticals (NASDAQ:LGND) is a biopharmaceutical company that works on creating technologies that will enable other pharmaceutical companies to develop and produce new drugs. Earlier this month, Ligand Pharmaceuticals has acquired economic rights to a variety of programs owned by CorMatrix®. Over the past 12 months, the company’s shares have gained 36.56%. For the first quarter of 2016, Ligand Pharmaceuticals (NASDAQ:LGND) reported earnings per share of $0.97 and revenue of $29.65 million, beating the estimates of $0.67 and $26.45 million, respectively. A couple of weeks ago, Roth Capital reiterated its ‘buy’ rating on Ligand Pharmaceuticals’ stock, with a price target of $147.00.
According to our database, the number of hedge funds bullish on Ligand Pharmaceuticals (NASDAQ:LGND) increased by four recently, and at the end of March the company was in 20 hedge funds’ portfolios, with Dorset Management holding the biggest position, valued at $128.5 million. Coming in second was Amy Minella’s Cardinal Capital, which reported a position worth $89.9 million in stock. Remaining investors long the stock encompassed Peter Muller’s PDT Partners, Jim Simons’s Renaissance Technologies, and Ken Fisher’s Fisher Asset Management.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| David M. Knott | 1,298,813 | 1,666 | 1,300,479 | 1,843 | 1,302,322 | 6.2% |
| Dorset Management Corporation 11 | 1,196,257 | 1,666 | 1,197,923 | 0 | 1,197,923 | 5.8% |
Follow David Mabon Knott's Dorset Management
Page 1 of 5 – SEC Filing
|
| UNITED STATES |
|
|
| SECURITIES AND EXCHANGE COMMISSION |
|
|
| Washington, D.C. 20549 |
|
|
|
|
|
|
| SCHEDULE 13D |
|
Under the Securities Exchange Act of 1934
(Amendment No. 7)*
Ligand Pharmaceuticals Incorporated
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
53220K504
(CUSIP Number)
David M. Knott
Dorsett Management Corporation
485 Underhill Boulevard, Suite 205
Syosset, New York 11791
(516) 364-0303
May 23, 2016
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1 (f) or 240.13d-1 (g), check the following box x
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §13d-7 (b) for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Follow Ligand Pharmaceuticals Inc (NASDAQ:LGND)
Follow Ligand Pharmaceuticals Inc (NASDAQ:LGND)
Page 2 of 5 – SEC Filing
| CUSIP No. 53220K504 | 13D |
| |||||
|
| |||||||
|
| 1 | Name of Reporting Persons. | |||||
|
| |||||||
|
| 2 | Check the Appropriate Box if a Member of a Group.(See Instructions) | |||||
|
|
| (a) | o | ||||
|
|
| (b) | x | ||||
|
| |||||||
|
| 3 | SEC Use Only | |||||
|
| |||||||
|
| 4 | Source of Funds (See Instructions) | |||||
|
| |||||||
|
| 5 | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o | |||||
|
| |||||||
|
| 6 | Citizenship or Place of Organization | |||||
|
| |||||||
| Number of | 7 | Sole Voting Power | |||||
|
| |||||||
| 8 | Shared Voting Power | ||||||
|
| |||||||
| 9 | Sole Dispositive Power | ||||||
|
| |||||||
| 10 | Shared Dispositive Power | ||||||
|
| |||||||
|
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person | |||||
|
| |||||||
|
| 12 | Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o | |||||
|
| |||||||
|
| 13 | Percent of Class Represented by Amount in Row (11) | |||||
|
| |||||||
|
| 14 | Type of Reporting Person (See Instructions) | |||||
2
Follow Ligand Pharmaceuticals Inc (NASDAQ:LGND)
Follow Ligand Pharmaceuticals Inc (NASDAQ:LGND)
Page 3 of 5 – SEC Filing
| CUSIP No. 53220K504 | 13D |
| |||||
|
| |||||||
|
| 1 | Name of Reporting Persons. | |||||
|
| |||||||
|
| 2 | Check the Appropriate Box if a Member of a Group.(See Instructions) | |||||
|
|
| (a) | o | ||||
|
|
| (b) | x | ||||
|
| |||||||
|
| 3 | SEC Use Only | |||||
|
| |||||||
|
| 4 | Source of Funds (See Instructions) | |||||
|
| |||||||
|
| 5 | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o | |||||
|
| |||||||
|
| 6 | Citizenship or Place of Organization | |||||
|
| |||||||
| Number of | 7 | Sole Voting Power | |||||
|
| |||||||
| 8 | Shared Voting Power | ||||||
|
| |||||||
| 9 | Sole Dispositive Power | ||||||
|
| |||||||
| 10 | Shared Dispositive Power | ||||||
|
| |||||||
|
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person | |||||
|
| |||||||
|
| 12 | Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o | |||||
|
| |||||||
|
| 13 | Percent of Class Represented by Amount in Row (11) | |||||
|
| |||||||
|
| 14 | Type of Reporting Person (See Instructions) | |||||
3
Follow Ligand Pharmaceuticals Inc (NASDAQ:LGND)
Follow Ligand Pharmaceuticals Inc (NASDAQ:LGND)
Page 4 of 5 – SEC Filing
SCHEDULE 13D
| Item 1. | Security and Issuer. |
|
|
|
| Item 2. | Identity and Background. |
|
|
|
| Item 3. | Source and Amount of Funds or Other Consideration. |
|
|
|
| Item 4. | Purpose of Transaction. |
| This Item is being amended solely with respect to the following paragraphs:
This Amendment No. 7 to Schedule 13D is being filed solely to report that effective on May 23, 2016, David M. Knott resigned from the Board of Directors (the Board) of Ligand Pharmaceutics Incorporated (the Issuer). Mr. Knott resigned from the Board to attend to other affairs unrelated to the Issuer. | |
|
|
|
| Item 5. | Interest in Securities of the Issuer. |
| This Item is being amended solely with respect to the following paragraphs:
(a)-(b) Mr. Knott and Dorset: See Rows 7 through 11 and 13 on pages 2-3. Of the securities reported as beneficially owned by Mr. Knott in each of Rows 7 through 11 on page 2 of this Schedule 13D, an additional 36,404 are shares of Common Stock underlying directors stock options, as awarded to Mr. Knott and as have vested as of the date of this filing.
Mr. Knott individually has the sole power to vote 1,298,813 shares of Common Stock and dispose of 1,300,479 shares of Common Stock beneficially owned by Mr. Knott, the Partnerships and the Managed Accounts. As President of Dorset, Mr. Knott shares with certain of Dorsets clients the power to vote 1,666 shares of Common Stock beneficially owned, in the aggregate, by such clients. Mr. Knott is also, for the purposes of this Schedule 13D, deemed to share with his wife the power to dispose of the 1,843 shares of Common Stock beneficially owned by her. Mr. Knott does not have nor does he share with his wife the power to vote the shares owned by her.
The aggregate number of securities reported by Mr. Knott and Dorset in each of Rows 7 through 11 on pages 2-3 of this Schedule 13D do not include 59,693 directors shares held by Dr. Sabba, of which 33,071 are shares of Common Stock underlying directors stock options as awarded to Dr. Sabba and as have vested as of the date of this filing. Mr. Knott does not have nor does he share with Dr. Sabba the power to dispose of or to vote such shares owned by Dr. Sabba.
(c) No transactions in the class of securities reported on were effected during the past sixty days. | |
|
|
|
| Item 6. | Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. |
|
|
|
| Item 7. | Material to be Filed as Exhibits. |
4
Follow Ligand Pharmaceuticals Inc (NASDAQ:LGND)
Follow Ligand Pharmaceuticals Inc (NASDAQ:LGND)
Page 5 of 5 – SEC Filing
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
|
| May 24,2016 | |
|
| Date | |
|
|
| |
|
| /s/David M. Knott | |
|
| Signature | |
|
|
| |
|
| DORSET MANAGEMENT CORPORATION | |
|
|
|
|
|
|
|
|
|
| By | /s/David M. Knott |
|
|
| David M. Knott, President |
5
