Ligand Pharmaceuticals (NASDAQ:LGND) Shares Gap Down After Earnings Miss

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) shares gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $232.55, but opened at $205.00. Ligand Pharmaceuticals shares last traded at $211.97, with a volume of 88,559 shares changing hands.

The biotechnology company reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.21). Ligand Pharmaceuticals had a return on equity of 13.86% and a net margin of 46.42%.The business had revenue of $51.72 million for the quarter, compared to analyst estimates of $59.10 million. During the same period last year, the firm earned $1.33 EPS. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on LGND shares. Royal Bank Of Canada lifted their target price on shares of Ligand Pharmaceuticals from $235.00 to $252.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. Oppenheimer boosted their price target on shares of Ligand Pharmaceuticals from $275.00 to $277.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. Weiss Ratings raised shares of Ligand Pharmaceuticals from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Citigroup boosted their price target on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Finally, Wall Street Zen cut shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $256.29.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director Stephen L. Sabba sold 1,000 shares of the business’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $207.87, for a total transaction of $207,870.00. Following the sale, the director directly owned 32,793 shares in the company, valued at $6,816,680.91. This represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew Reardon sold 5,000 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $231.31, for a total transaction of $1,156,550.00. Following the sale, the insider owned 41,382 shares in the company, valued at $9,572,070.42. This trade represents a 10.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 35,448 shares of company stock valued at $7,450,977 in the last quarter. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Ashton Thomas Private Wealth LLC grew its position in shares of Ligand Pharmaceuticals by 2.9% during the third quarter. Ashton Thomas Private Wealth LLC now owns 2,014 shares of the biotechnology company’s stock worth $357,000 after buying an additional 56 shares in the last quarter. Maryland State Retirement & Pension System grew its position in shares of Ligand Pharmaceuticals by 2.2% during the fourth quarter. Maryland State Retirement & Pension System now owns 2,872 shares of the biotechnology company’s stock worth $543,000 after buying an additional 61 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Ligand Pharmaceuticals by 31.6% during the third quarter. Smartleaf Asset Management LLC now owns 271 shares of the biotechnology company’s stock worth $47,000 after buying an additional 65 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in shares of Ligand Pharmaceuticals by 86.3% during the third quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock worth $26,000 after buying an additional 69 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Ligand Pharmaceuticals by 3.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,688 shares of the biotechnology company’s stock worth $527,000 after buying an additional 78 shares in the last quarter. 91.28% of the stock is owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Price Performance

The stock has a market capitalization of $4.29 billion, a price-to-earnings ratio of 36.94, a P/E/G ratio of 1.68 and a beta of 1.20. The company has a quick ratio of 21.98, a current ratio of 22.23 and a debt-to-equity ratio of 0.44. The stock has a fifty day moving average of $211.74 and a 200-day moving average of $200.35.

Ligand Pharmaceuticals Company Profile

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.