Ligand Pharmaceuticals (NASDAQ:LGND) Releases 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 (EPS) guidance of 4.250-4.750 for the period, compared to the consensus 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.

Wall Street Analyst Weigh In

LGND has been the subject of a number of research reports. Benchmark reiterated a buy rating and issued a $95.00 price target on shares of Ligand Pharmaceuticals in a research note on Friday, April 12th. HC Wainwright restated a buy rating and issued a $144.00 target price on shares of Ligand Pharmaceuticals in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $116.33.

Ligand Pharmaceuticals Stock Up 0.1 %

LGND traded up $0.09 during trading on Friday, reaching $86.21. The stock had a trading volume of 58,473 shares, compared to its average volume of 160,903. The stock has a 50 day moving average of $74.23 and a two-hundred day moving average of $69.24. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 31.32 and a beta of 1.01. Ligand Pharmaceuticals has a 1-year low of $49.24 and a 1-year high of $94.57.

Ligand Pharmaceuticals (NASDAQ:LGND) last announced 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. Ligand Pharmaceuticals had a return on equity of 11.98% and a net margin of 37.80%. The business had revenue of $30.90 million during the quarter, compared to analysts’ expectations of $27.92 million. During the same quarter last year, the business posted $1.96 earnings per share. The company’s quarterly revenue was down 29.8% on a year-over-year basis. On average, research analysts forecast that Ligand Pharmaceuticals will post 3.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Stephen L. Sabba sold 1,893 shares of the firm’s stock in a transaction 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 sale, the director now owns 28,926 shares of the company’s stock, valued at $2,149,201.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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.