Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) Sees Large Growth in Short Interest

Key Points

• Ligand Pharmaceuticals experienced a significant 29.9% increase in short interest in August, with a total of 1,190,000 shares shorted as of August 15th.
• The company reported Q2 earnings of $1.60 EPS, exceeding expectations, and projected FY 2025 earnings guidance of 6.700-7.000 EPS.
• Analysts have largely rated Ligand Pharmaceuticals as a "Buy," with price targets ranging from $175.00 to $206.00, reflecting positive sentiment towards the stock's potential growth.

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND - Get Free Report) saw a significant growth in short interest in the month of August. As of August 15th, there was short interest totaling 1,190,000 shares, agrowthof29.9% from the July 31st total of 915,900 shares. Based on an average daily trading volume, of 204,600 shares, the days-to-cover ratio is presently 5.8 days. Based on an average daily trading volume, of 204,600 shares, the days-to-cover ratio is presently 5.8 days.

Ligand Pharmaceuticals Trading Up 0.1%

Shares of LGND stock traded up $0.19 during trading hours on Tuesday, hitting $166.05. The company's stock had a trading volume of 184,843 shares, compared to its average volume of 148,122. The company has a 50 day moving average of $141.91 and a 200 day moving average of $119.83. The stock has a market cap of $3.25 billion, a PE ratio of -41.55 and a beta of 0.96. Ligand Pharmaceuticals has a 12-month low of $93.58 and a 12-month high of $169.49.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The biotechnology company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.54 by $0.06. The business had revenue of $47.63 million for the quarter, compared to the consensus estimate of $43.87 million. Ligand Pharmaceuticals had a negative net margin of 40.44% and a negative return on equity of 9.21%. The business's revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.40 EPS. Ligand Pharmaceuticals has set its FY 2025 guidance at 6.700-7.000 EPS. As a group, analysts anticipate that Ligand Pharmaceuticals will post 1.73 earnings per share for the current fiscal year.

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director John W. Kozarich sold 934 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $125.00, for a total value of $116,750.00. Following the transaction, the director directly owned 46,456 shares in the company, valued at approximately $5,807,000. This trade represents a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew Reardon sold 500 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $114.08, for a total transaction of $57,040.00. Following the sale, the insider owned 31,903 shares in the company, valued at $3,639,494.24. The trade was a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,368 shares of company stock worth $311,153 over the last quarter. Insiders own 7.00% of the company's stock.

Institutional Trading of Ligand Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in LGND. Jacobs Levy Equity Management Inc. purchased a new stake in Ligand Pharmaceuticals during the first quarter worth $16,526,000. Ranger Investment Management L.P. raised its position in Ligand Pharmaceuticals by 57.8% during the second quarter. Ranger Investment Management L.P. now owns 300,025 shares of the biotechnology company's stock worth $34,107,000 after acquiring an additional 109,935 shares during the period. GAMMA Investing LLC raised its position in Ligand Pharmaceuticals by 17,612.5% during the first quarter. GAMMA Investing LLC now owns 62,348 shares of the biotechnology company's stock worth $6,555,000 after acquiring an additional 61,996 shares during the period. CenterBook Partners LP raised its position in Ligand Pharmaceuticals by 190.2% during the first quarter. CenterBook Partners LP now owns 68,299 shares of the biotechnology company's stock worth $7,181,000 after acquiring an additional 44,760 shares during the period. Finally, Nuveen LLC acquired a new position in Ligand Pharmaceuticals during the first quarter worth $4,657,000. 91.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LGND. Benchmark lifted their price objective on shares of Ligand Pharmaceuticals from $160.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, September 2nd. Wall Street Zen upgraded shares of Ligand Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Oppenheimer lifted their price objective on shares of Ligand Pharmaceuticals from $167.00 to $190.00 and gave the company an "outperform" rating in a report on Wednesday, September 3rd. Royal Bank Of Canada boosted their price target on shares of Ligand Pharmaceuticals from $155.00 to $185.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, HC Wainwright boosted their price target on shares of Ligand Pharmaceuticals from $157.00 to $206.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $176.50.

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.

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