Ligand Pharmaceuticals (NASDAQ:LGND) Updates 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 guidance of 4.250-4.750 for the period, compared to the consensus earnings per share 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.

Ligand Pharmaceuticals Trading Up 0.5 %

Shares of NASDAQ:LGND opened at $73.22 on Wednesday. The company has a market capitalization of $1.30 billion, a PE ratio of 26.63 and a beta of 1.01. Ligand Pharmaceuticals has a twelve month low of $49.24 and a twelve month high of $94.57. The firm has a 50 day simple moving average of $74.18 and a 200-day simple moving average of $69.05.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported $3.84 EPS for the quarter, beating the consensus estimate of $0.83 by $3.01. Ligand Pharmaceuticals had a net margin of 37.80% and a return on equity of 11.98%. The firm had revenue of $30.90 million during the quarter, compared to the consensus estimate of $27.92 million. During the same quarter in the prior year, the firm earned $1.96 EPS. Ligand Pharmaceuticals’s revenue for the quarter was down 29.8% on a year-over-year basis. As a group, equities research analysts predict that Ligand Pharmaceuticals will post 3.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on LGND. Benchmark reiterated a buy rating and issued a $95.00 price target on shares of Ligand Pharmaceuticals in a research report on Friday, April 12th. HC Wainwright reissued a buy rating and issued a $144.00 price objective on shares of Ligand Pharmaceuticals in a research note on Thursday, February 29th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $116.33.

Insider Buying and Selling at Ligand Pharmaceuticals

In other Ligand Pharmaceuticals news, Director Stephen L. Sabba sold 1,893 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were 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 filing with the Securities & Exchange Commission, which is accessible through this link. 10.40% of the stock is currently owned by corporate 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.