Ligand Pharmaceuticals (NASDAQ:LGND) Issues Earnings Results, Misses Expectations By $0.21 EPS

Ligand Pharmaceuticals (NASDAQ:LGND) announced its quarterly earnings data on Thursday. The biotechnology company reported $1.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.84 by ($0.21), FiscalAI reports. Ligand Pharmaceuticals had a net margin of 55.95% and a return on equity of 16.19%. The company had revenue of $51.72 million for the quarter, compared to the consensus estimate of $59.10 million. During the same quarter in the previous year, the business earned $1.33 EPS. The company’s quarterly revenue was up 14.1% compared to the same quarter last year.

Ligand Pharmaceuticals Trading Down 2.6%

LGND stock traded down $5.77 during mid-day trading on Friday, hitting $213.21. 127,863 shares of the company were exchanged, compared to its average volume of 224,971. The company has a quick ratio of 20.95, a current ratio of 21.28 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $4.27 billion, a P/E ratio of 28.93, a PEG ratio of 1.79 and a beta of 1.20. The business has a fifty day simple moving average of $214.39 and a 200-day simple moving average of $201.77. Ligand Pharmaceuticals has a 12-month low of $98.89 and a 12-month high of $247.38.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LGND. 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 target price on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Wall Street Zen downgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. HC Wainwright upped their price objective on shares of Ligand Pharmaceuticals from $243.00 to $289.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Finally, Bank of America began coverage on shares of Ligand Pharmaceuticals in a research note on Wednesday, March 11th. They issued a “buy” rating and a $244.00 target price for the company. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $257.71.

Insider Buying and Selling at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza sold 3,057 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $225.00, for a total value of $687,825.00. Following the sale, the chief financial officer owned 21,010 shares of the company’s stock, valued at $4,727,250. This trade represents a 12.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John W. Kozarich sold 1,575 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $223.50, for a total transaction of $352,012.50. Following the sale, the director directly owned 41,786 shares in the company, valued at approximately $9,339,171. The trade was a 3.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 37,949 shares of company stock worth $8,014,056 over the last ninety days. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Ligand Pharmaceuticals

Hedge funds have recently modified their holdings of the business. CIBC Private Wealth Group LLC grew its position in Ligand Pharmaceuticals by 86.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 149 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 69 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Ligand Pharmaceuticals during the 4th quarter worth $31,000. JPL Wealth Management LLC purchased a new stake in shares of Ligand Pharmaceuticals in the 3rd quarter worth about $52,000. Persistent Asset Partners Ltd purchased a new stake in shares of Ligand Pharmaceuticals in the 4th quarter worth about $150,000. Finally, State of Wyoming purchased a new stake in shares of Ligand Pharmaceuticals in the 4th quarter worth about $169,000. 91.28% of the stock is currently owned by hedge funds and other institutional investors.

About Ligand Pharmaceuticals

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.