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 earnings per share guidance of 4.250-4.750 for the period, compared to the consensus earnings per share 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 Price Performance

Shares of Ligand Pharmaceuticals stock traded up $5.76 during trading hours on Thursday, hitting $86.12. The company had a trading volume of 493,661 shares, compared to its average volume of 162,059. The company’s 50-day moving average is $74.10 and its two-hundred day moving average is $69.13. The company has a market cap of $1.52 billion, a P/E ratio of 30.15 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) last posted its 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. The business had revenue of $30.90 million during the quarter, compared to the consensus estimate of $27.92 million. Ligand Pharmaceuticals had a return on equity of 11.98% and a net margin of 37.80%. The business’s quarterly revenue was down 29.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.96 EPS. Sell-side analysts expect that Ligand Pharmaceuticals will post 3.41 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on LGND shares. Benchmark reissued a buy rating and set a $95.00 price objective on shares of Ligand Pharmaceuticals in a research report on Friday, April 12th. HC Wainwright reaffirmed a buy rating and set a $144.00 price objective on shares of Ligand Pharmaceuticals in a research note on Wednesday. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $116.33.

Insider Activity

In related news, Director Stephen L. Sabba sold 1,893 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $74.30, for a total value of $140,649.90. Following the completion of the sale, the director now owns 28,926 shares in the company, valued at $2,149,201.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 10.40% 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.