Ligand Pharmaceuticals (NASDAQ:LGND) Updates FY24 Earnings Guidance

Ligand Pharmaceuticals (NASDAQ:LGND) updated its FY24 earnings guidance on Tuesday. 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. Ligand Pharmaceuticals also updated its FY 2024 guidance to 5.000-5.500 EPS.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Benchmark reaffirmed a buy rating and set a $95.00 price target on shares of Ligand Pharmaceuticals in a research report on Friday, June 28th. HC Wainwright reaffirmed a buy rating and set a $144.00 price target on shares of Ligand Pharmaceuticals in a research report on Monday, July 8th. Royal Bank of Canada reaffirmed an outperform rating and set a $130.00 price target on shares of Ligand Pharmaceuticals in a research report on Wednesday. Finally, Craig Hallum increased their price objective on Ligand Pharmaceuticals from $135.00 to $140.00 and gave the company a buy rating in a report on Tuesday, July 9th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $127.25.

Ligand Pharmaceuticals Price Performance

Shares of Ligand Pharmaceuticals stock traded down $5.72 during trading hours on Wednesday, reaching $93.32. The company had a trading volume of 159,026 shares, compared to its average volume of 149,398. Ligand Pharmaceuticals has a one year low of $49.24 and a one year high of $112.13. The business has a fifty day simple moving average of $90.41 and a 200 day simple moving average of $81.25. The firm has a market cap of $1.68 billion, a PE ratio of 18.05 and a beta of 1.01.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.34. The company had revenue of $41.50 million during the quarter, compared to analyst estimates of $33.04 million. Ligand Pharmaceuticals had a return on equity of 8.52% and a net margin of 79.30%. The firm’s quarterly revenue was up 57.2% on a year-over-year basis. During the same quarter last year, the company earned $1.10 earnings per share. On average, research analysts forecast that Ligand Pharmaceuticals will post 3.54 EPS for the current year.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, insider Andrew Reardon sold 10,000 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $83.04, for a total transaction of $830,400.00. Following the sale, the insider now owns 22,205 shares in the company, valued at $1,843,903.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Ligand Pharmaceuticals news, Director Nancy Ryan Gray sold 934 shares of the firm’s stock in a transaction dated 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 in the company, valued at $468,665.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew Reardon sold 10,000 shares of Ligand Pharmaceuticals stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $83.04, for a total value of $830,400.00. Following the completion of the transaction, the insider now owns 22,205 shares in the company, valued at approximately $1,843,903.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,403 shares of company stock valued at $2,150,882. Company insiders own 5.90% of the company’s stock.

Ligand Pharmaceuticals Company Profile

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.