Ligand Pharmaceuticals (NASDAQ:LGND) Updates FY 2024 Earnings Guidance

Ligand Pharmaceuticals (NASDAQ:LGND) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 5.000-5.500 for the period, compared to the consensus EPS estimate of 5.160. The company issued revenue guidance of $140.0 million-$157.0 million, compared to the consensus revenue estimate of $147.2 million. Ligand Pharmaceuticals also updated its FY24 guidance to $5.00-5.50 EPS.

Ligand Pharmaceuticals Trading Up 0.9 %

NASDAQ LGND traded up $0.91 on Tuesday, hitting $99.04. The company’s stock had a trading volume of 126,073 shares, compared to its average volume of 149,334. Ligand Pharmaceuticals has a 52-week low of $49.24 and a 52-week high of $112.13. The firm has a market cap of $1.78 billion, a P/E ratio of 19.16 and a beta of 1.01. The company’s 50-day simple moving average is $90.24 and its 200 day simple moving average is $81.16.

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Craig Hallum increased their price target on shares of Ligand Pharmaceuticals from $135.00 to $140.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. Benchmark restated a buy rating and issued a $95.00 target price on shares of Ligand Pharmaceuticals in a research note on Friday, June 28th. HC Wainwright reiterated a buy rating and issued a $144.00 price objective on shares of Ligand Pharmaceuticals in a report on Monday, July 8th. Finally, Royal Bank of Canada assumed coverage on Ligand Pharmaceuticals in a research report on Tuesday, July 30th. They set an outperform rating and a $130.00 price objective for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $127.25.

Insider Buying and Selling

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 5,156 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $86.66, for a total value of $446,818.96. Following the sale, the chief financial officer now directly owns 23,379 shares of the company’s stock, valued at $2,026,024.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Nancy Ryan Gray sold 934 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were 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 filing with the SEC, which is available at this link. Also, CFO Octavio Espinoza sold 5,156 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $86.66, for a total transaction of $446,818.96. Following the completion of the transaction, the chief financial officer now owns 23,379 shares of the company’s stock, valued at $2,026,024.14. The disclosure for this sale can be found here. Insiders have sold 25,403 shares of company stock worth $2,150,882 in the last 90 days. 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.