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

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 4.250-4.750 for the period, compared to the consensus EPS estimate of 4.440. The company issued revenue guidance of $130.0 million-$142.0 million, compared to the consensus revenue estimate of $137.7 million.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on LGND. Benchmark restated a buy rating and issued a $95.00 price target on shares of Ligand Pharmaceuticals in a report on Friday, April 12th. HC Wainwright restated a buy rating and issued a $144.00 price target on shares of Ligand Pharmaceuticals in a report on Wednesday. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $116.33.

Ligand Pharmaceuticals Stock Performance

LGND stock traded up $7.14 during trading on Wednesday, reaching $80.36. The company had a trading volume of 286,949 shares, compared to its average volume of 158,328. The firm has a 50-day simple moving average of $74.18 and a 200-day simple moving average of $69.05. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 28.97 and a beta of 1.01. Ligand Pharmaceuticals has a twelve month low of $49.24 and a twelve month high of $94.57.

Ligand Pharmaceuticals (NASDAQ:LGND - Get Free Report) last released its earnings results on Tuesday, May 7th. The biotechnology company reported $3.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $3.01. The company had revenue of $30.90 million during the quarter, compared to analysts' expectations of $27.92 million. Ligand Pharmaceuticals had a net margin of 37.80% and a return on equity of 11.98%. Ligand Pharmaceuticals's revenue for the quarter was down 29.8% on a year-over-year basis. During the same period last year, the business earned $1.96 EPS. Sell-side analysts expect that Ligand Pharmaceuticals will post 3.41 earnings per share for the current year.

Insiders Place Their Bets

In other Ligand Pharmaceuticals news, Director Stephen L. Sabba sold 1,893 shares of the firm's stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $74.30, for a total transaction of $140,649.90. Following the completion of the transaction, the director now directly owns 28,926 shares of the company's stock, valued at approximately $2,149,201.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 10.40% of the stock is currently owned by insiders.

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.