Ligand Pharmaceuticals (NASDAQ:LGND) Releases FY24 Earnings Guidance

Ligand Pharmaceuticals (NASDAQ:LGND) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $5.50-5.70 for the period, compared to the consensus earnings per share estimate of $5.65. The company issued revenue guidance of $160-165 million, compared to the consensus revenue estimate of $163.35 million. Ligand Pharmaceuticals also updated its FY25 guidance to $6.00-6.25 EPS.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Barclays raised their target price on Ligand Pharmaceuticals from $125.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. HC Wainwright reissued a “buy” rating and set a $157.00 price objective on shares of Ligand Pharmaceuticals in a research report on Friday, November 8th. Royal Bank of Canada boosted their price objective on shares of Ligand Pharmaceuticals from $130.00 to $140.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. Oppenheimer increased their target price on shares of Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Benchmark boosted their price target on shares of Ligand Pharmaceuticals from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $144.83.

Ligand Pharmaceuticals Price Performance

Shares of Ligand Pharmaceuticals stock opened at $119.88 on Tuesday. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of 46.35 and a beta of 1.01. The business has a 50-day moving average of $112.78 and a 200 day moving average of $101.44. Ligand Pharmaceuticals has a 12 month low of $60.28 and a 12 month high of $129.90.

Insider Activity

In other news, insider Andrew Reardon sold 2,000 shares of Ligand Pharmaceuticals stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $99.60, for a total value of $199,200.00. Following the completion of the transaction, the insider now owns 22,534 shares in the company, valued at approximately $2,244,386.40. This trade represents a 8.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Octavio Espinoza sold 1,275 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $103.94, for a total transaction of $132,523.50. Following the sale, the chief financial officer now owns 24,610 shares in the company, valued at $2,557,963.40. The trade was a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,728 shares of company stock valued at $2,271,575. 5.90% of the stock is currently owned by company insiders.

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.