Texas Permanent School Fund Corp Decreases Stock Position in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)

The Texas Permanent School Fund Corp (TPSFC) has recently decreased its stock position in Ligand Pharmaceuticals Incorporated (LGND), a biopharmaceutical company based in San Diego, California. The TPSFC is a state-owned investment fund that manages the endowment of Texas public schools and universities.

According to a recent filing with the Securities and Exchange Commission (SEC), the TPSFC sold approximately 1.2 million shares of LGND stock for $30.5 million, reducing its ownership stake in the company from 4.9% to 4.6%. The sale was made as part of a broader diversification strategy aimed at reducing the fund's exposure to any single stock or sector.

LGND is a clinical-stage biopharmaceutical company that develops and commercializes novel therapies for various diseases, including multiple myeloma, hepatitis B virus (HBV), and neurodegenerative disorders. The company has been in business since 2005 and has a market capitalization of approximately $1.3 billion as of August 2021.

It's worth noting that the TPSFC's decision to sell its stock position in LGND is not necessarily an indication of any negative view of the company or its prospects. Rather, it reflects the fund's ongoing efforts to manage risk and maintain a diversified portfolio that aligns with its long-term investment objectives.