Ligand Pharmaceuticals (NASDAQ:LGND) Stock Price Up 7.3% After Strong Earnings

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s stock price rose 7.3% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $79.19 and last traded at $78.60. Approximately 40,081 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 155,450 shares. The stock had previously closed at $73.22.

The biotechnology company reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $3.01. The business had revenue of $30.90 million for the quarter, compared to analysts’ expectations of $27.92 million. Ligand Pharmaceuticals had a net margin of 37.80% and a return on equity of 11.98%. The business’s revenue for the quarter was down 29.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.96 EPS.

Analyst Upgrades and Downgrades

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

Insider Activity at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director Stephen L. Sabba sold 1,893 shares of Ligand Pharmaceuticals 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 transaction, the director now directly owns 28,926 shares of the company’s stock, valued at approximately $2,149,201.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 10.40% of the stock is currently owned by insiders.

Institutional Trading of Ligand Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of LGND. Stephens Investment Management Group LLC increased its stake in shares of Ligand Pharmaceuticals by 41.0% in the 4th quarter. Stephens Investment Management Group LLC now owns 659,434 shares of the biotechnology company’s stock worth $47,097,000 after purchasing an additional 191,870 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Ligand Pharmaceuticals by 59.1% in the fourth quarter. Pacer Advisors Inc. now owns 325,727 shares of the biotechnology company’s stock worth $23,263,000 after buying an additional 121,049 shares during the period. Norges Bank purchased a new position in shares of Ligand Pharmaceuticals during the 4th quarter valued at about $7,655,000. Villere ST Denis J & Co. LLC raised its stake in Ligand Pharmaceuticals by 14.6% during the 1st quarter. Villere ST Denis J & Co. LLC now owns 490,752 shares of the biotechnology company’s stock worth $35,874,000 after acquiring an additional 62,701 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Ligand Pharmaceuticals by 129.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 85,195 shares of the biotechnology company’s stock valued at $6,228,000 after purchasing an additional 48,022 shares in the last quarter. 91.28% of the stock is currently owned by institutional investors.

Ligand Pharmaceuticals Price Performance

The stock’s 50-day simple moving average is $74.10 and its two-hundred day simple moving average is $69.13. The firm has a market capitalization of $1.42 billion, a P/E ratio of 29.22 and a beta of 1.01.

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.