Ligand Pharmaceuticals (NASDAQ:LGND) Issues FY 2024 Earnings Guidance

Ligand Pharmaceuticals (NASDAQ:LGND) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 5.500-5.700 for the period, compared to the consensus estimate of 5.650. The company issued revenue guidance of $160.0 million-$165.0 million, compared to the consensus revenue estimate of $163.4 million.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Benchmark reiterated a “buy” rating and issued a $135.00 price target on shares of Ligand Pharmaceuticals in a research note on Monday, December 23rd. HC Wainwright reissued a “buy” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, December 11th. Oppenheimer boosted their price target on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Barclays increased their price objective on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Finally, Royal Bank of Canada boosted their target price on shares of Ligand Pharmaceuticals from $141.00 to $143.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $147.00.

Ligand Pharmaceuticals Stock Down 4.4 %

NASDAQ:LGND opened at $109.19 on Friday. Ligand Pharmaceuticals has a 12-month low of $67.53 and a 12-month high of $129.90. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 43.50 and a beta of 1.01. The stock’s 50 day moving average price is $116.21 and its two-hundred day moving average price is $104.27.

Insider Buying and Selling

In other news, CFO Octavio Espinoza sold 2,104 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $116.37, for a total transaction of $244,842.48. Following the completion of the sale, the chief financial officer now owns 20,647 shares in the company, valued at $2,402,691.39. The trade was a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John L. Lamattina sold 2,406 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $123.65, for a total value of $297,501.90. Following the completion of the transaction, the director now directly owns 29,515 shares in the company, valued at $3,649,529.75. The trade was a 7.54 % decrease in their position. The disclosure for this sale can be found here. 5.90% of the stock is owned by 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.