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

Ligand Pharmaceuticals (NASDAQ:LGND) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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.

Ligand Pharmaceuticals Stock Up 7.2 %

NASDAQ:LGND traded up $5.76 during trading hours on Thursday, reaching $86.12. The company had a trading volume of 493,661 shares, compared to its average volume of 162,059. The business’s 50-day simple moving average is $74.10 and its two-hundred day simple moving average is $69.13. Ligand Pharmaceuticals has a twelve month low of $49.24 and a twelve month high of $94.57. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 30.15 and a beta of 1.01.

Ligand Pharmaceuticals (NASDAQ:LGND) last issued its earnings results on Tuesday, May 7th. The biotechnology company reported $3.84 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $3.01. The business had revenue of $30.90 million during the quarter, compared to analyst estimates of $27.92 million. Ligand Pharmaceuticals had a return on equity of 11.98% and a net margin of 37.80%. The firm’s revenue was down 29.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.96 EPS. As a group, equities analysts predict that Ligand Pharmaceuticals will post 3.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. HC Wainwright reiterated a buy rating and issued a $144.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday. Benchmark reaffirmed a buy rating and issued a $95.00 price target on shares of Ligand Pharmaceuticals in a research report on Friday, April 12th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $116.33.

Insider Transactions at Ligand Pharmaceuticals

In other news, Director Stephen L. Sabba sold 1,893 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $74.30, for a total value 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 $2,149,201.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 10.40% 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.