Ligand Pharmaceuticals (NASDAQ:LGND) Updates FY24 Earnings Guidance

Ligand Pharmaceuticals (NASDAQ:LGND) issued an update on its FY24 earnings guidance on Tuesday morning. 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.

Ligand Pharmaceuticals Trading Up 3.0 %

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

Analyst Ratings Changes

A number of analysts have recently commented on LGND shares. Benchmark lifted their target price on Ligand Pharmaceuticals from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. HC Wainwright restated a “buy” rating and set a $157.00 price target on shares of Ligand Pharmaceuticals in a research note on Friday, November 8th. Royal Bank of Canada boosted their price objective on Ligand Pharmaceuticals from $130.00 to $140.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. Oppenheimer increased their price objective on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Barclays lifted their target price on shares of Ligand Pharmaceuticals from $125.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Ligand Pharmaceuticals has an average rating of “Buy” and a consensus price target of $144.83.

Insider Buying and Selling at Ligand Pharmaceuticals

In other news, insider Andrew Reardon sold 2,000 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $99.60, for a total value of $199,200.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Matthew E. Korenberg sold 9,772 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $101.22, for a total transaction of $989,121.84. Following the transaction, the chief operating officer now owns 50,777 shares in the company, valued at approximately $5,139,647.94. This trade represents a 16.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,728 shares of company stock valued at $2,271,575 in the last ninety days. Insiders own 5.90% 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.