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 $5.50-5.70 for the period, compared to the consensus earnings per share estimate of $5.65. The company issued revenue guidance of $160-165 million, compared to the consensus revenue estimate of $163.35 million. Ligand Pharmaceuticals also updated its FY25 guidance to $6.00-6.25 EPS.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on LGND shares. Benchmark lifted their target price on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. HC Wainwright restated a “buy” rating and issued a $157.00 price target on shares of Ligand Pharmaceuticals in a research report on Friday, November 8th. Oppenheimer boosted their price target on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada boosted their price target on Ligand Pharmaceuticals from $130.00 to $140.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. Finally, Barclays boosted their price target on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $144.83.

Ligand Pharmaceuticals Trading Down 6.8 %

NASDAQ:LGND opened at $116.34 on Tuesday. Ligand Pharmaceuticals has a 52 week low of $60.28 and a 52 week high of $129.90. The firm has a market capitalization of $2.20 billion, a PE ratio of 46.35 and a beta of 1.01. The stock has a 50 day moving average of $112.78 and a 200-day moving average of $101.44.

Insider Activity

In other Ligand Pharmaceuticals news, Director John L. Lamattina sold 2,406 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $123.65, for a total transaction of $297,501.90. Following the sale, the director now directly owns 29,515 shares of the company’s stock, valued at $3,649,529.75. The trade was a 7.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Octavio Espinoza sold 1,275 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $103.94, for a total transaction of $132,523.50. Following the completion of the transaction, the chief financial officer now directly owns 24,610 shares in the company, valued at $2,557,963.40. This trade represents a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,728 shares of company stock worth $2,271,575. Insiders own 5.90% of the company’s stock.

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.