Ligand Pharmaceuticals Incorporated (LGND) Announces Earnings Results, Beats Expectations By $0.32 EPS
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) issued its quarterly earnings results on Thursday. The biotechnology company reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.32, Bloomberg Earnings reports. The firm had revenue of $33.38 million during the quarter, compared to analysts’ expectations of $31.04 million. Ligand Pharmaceuticals had a net margin of 12.76% and a return on equity of 8.03%. Ligand Pharmaceuticals’s quarterly revenue was up 54.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 EPS.
Shares of Ligand Pharmaceuticals (NASDAQ LGND) traded down $4.96 during trading on Friday, reaching $139.90. 688,684 shares of the company’s stock were exchanged, compared to its average volume of 179,531. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.84 and a current ratio of 0.87. The stock has a market cap of $3,057.34, a P/E ratio of 108.92, a P/E/G ratio of 2.24 and a beta of 0.94. Ligand Pharmaceuticals has a 52 week low of $95.08 and a 52 week high of $149.31.
In other news, CEO John L. Higgins sold 5,000 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $130.00, for a total value of $650,000.00. Following the completion of the transaction, the chief executive officer now owns 144,171 shares in the company, valued at approximately $18,742,230. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jason Aryeh sold 2,000 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $127.99, for a total transaction of $255,980.00. Following the completion of the transaction, the director now owns 59,625 shares of the company’s stock, valued at approximately $7,631,403.75. The disclosure for this sale can be found here. Company insiders own 14.70% of the company’s stock.
A number of analysts recently weighed in on LGND shares. HC Wainwright reiterated a “buy” rating and set a $150.00 price target on shares of Ligand Pharmaceuticals in a research note on Tuesday, September 5th. Zacks Investment Research upgraded shares of Ligand Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $165.00 price objective for the company in a research report on Thursday, October 12th. BidaskClub downgraded shares of Ligand Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Deutsche Bank AG restated a “hold” rating and set a $103.00 price objective (up previously from $100.00) on shares of Ligand Pharmaceuticals in a research report on Monday, July 17th. Finally, Roth Capital restated a “buy” rating and set a $158.00 price objective (up previously from $135.00) on shares of Ligand Pharmaceuticals in a research report on Wednesday, October 11th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $144.20.
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Ligand Pharmaceuticals Company Profile
Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company is involved in the development and licensing of biopharmaceutical assets. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.
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