Ligand Pharmaceuticals (NASDAQ:LGND) Updates FY24 Earnings Guidance

Ligand Pharmaceuticals (NASDAQ:LGND) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $5.00-5.50 for the period, compared to the consensus earnings per share estimate of $4.93. The company issued revenue guidance of $140-157 million, compared to the consensus revenue estimate of $142.90 million.

Analyst Ratings Changes

A number of research firms have weighed in on LGND. Benchmark restated a buy rating and issued a $95.00 price target on shares of Ligand Pharmaceuticals in a research note on Friday, June 28th. HC Wainwright reiterated a buy rating and set a $144.00 target price on shares of Ligand Pharmaceuticals in a research report on Monday, July 8th. Royal Bank of Canada started coverage on Ligand Pharmaceuticals in a research report on Tuesday, July 30th. They set an outperform rating and a $130.00 target price on the stock. Finally, Craig Hallum lifted their target price on Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a buy rating in a research report on Tuesday, July 9th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $127.25.

Ligand Pharmaceuticals Trading Up 0.9 %

Shares of NASDAQ LGND traded up $0.91 during midday trading on Tuesday, reaching $99.04. 126,054 shares of the company were exchanged, compared to its average volume of 149,334. Ligand Pharmaceuticals has a 1 year low of $49.24 and a 1 year high of $112.13. The stock has a fifty day simple moving average of $89.98 and a 200 day simple moving average of $80.98. The stock has a market cap of $1.78 billion, a P/E ratio of 18.98 and a beta of 1.01.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $3.01. Ligand Pharmaceuticals had a return on equity of 8.52% and a net margin of 79.30%. The firm had revenue of $30.90 million for the quarter, compared to analyst estimates of $27.92 million. During the same quarter last year, the company posted $1.96 earnings per share. The business’s revenue was down 29.8% on a year-over-year basis. As a group, analysts forecast that Ligand Pharmaceuticals will post 3.54 earnings per share for the current year.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director Nancy Ryan Gray sold 934 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $83.20, for a total value of $77,708.80. Following the sale, the director now owns 5,633 shares of the company’s stock, valued at approximately $468,665.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Nancy Ryan Gray sold 934 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $83.20, for a total transaction of $77,708.80. Following the sale, the director now owns 5,633 shares of the company’s stock, valued at approximately $468,665.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Matthew E. Korenberg sold 3,440 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $84.54, for a total value of $290,817.60. Following the sale, the insider now directly owns 100,421 shares in the company, valued at approximately $8,489,591.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,403 shares of company stock valued at $2,150,882. 5.90% of the stock is owned by corporate insiders.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, engages in the development and licensing of biopharmaceutical assets worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; Filspari, a dual endothelin and angiotensin II receptor antagonist in development for rare kidney diseases and non-immunosuppressive treatment indicated for immunoglobulin A nephropathy; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.