Summers Value Partners, an investment management firm, released its Q3 2025 investor letter. A copy of the letter can be downloaded here. The Summers Value Fund LP returned a net 20.4% return in the third quarter of 2025, outperforming the 12.4% return of the Russell 2000 Index ETF (IWM) and the 12.5% return of the Russell 2000 Value Index ETF (IWN). Year to date, the fund is up a net 4.9% compared to returns of 10.3% and 8.9% for the indexes, respectively. Plus, you can check out the fund’s top 5 holdings to see your best picks for 2025.
In its Q3 2025 investor letter, Summers Value Partners highlighted stocks like Ligand Pharmaceuticals Incorporated (NASDAQ:LGND). Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) is a biopharmaceutical company that operates biopharmaceutical assets. Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s monthly performance was 11.58% and its shares gained 85.60% of its value in the last 52 weeks. On November 18, 2025, Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) stock closed at $207.05 per share, with a market capitalization of $4.075 billion.
Summers Value Partners stated the following regarding Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) in its Q3 2025 investor letter:
“Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) operates a unique business model within the pharmaceutical industry as a royalty aggregator, requiring very little capital to grow because its partners fund product development and commercialization expenses. We previously owned BioSpecifics and Emisphere, also pharmaceutical royalty companies. Both were acquired during our ownership generating attractive returns for our investors.
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Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) isn’t on our list of the 30 most popular stocks among hedge funds. According to our database, 9 hedge fund portfolios owned Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) at the end of the second quarter, compared to 11 in the previous quarter. In Q3 2025, Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) reported GAAP total revenue and other income of $115.5 million, compared to $51.8 million in Q3 2024. While we recognize the potential for Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that’s also benefiting significantly from Trump-era tariffs and the offshoring trend, check out our free report on best short-term AI stock.