Ligand Pharmaceuticals (NASDAQ:LGND) Shares Up 7.3% Following Better-Than-Expected Earnings

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) were up 7.3% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $79.19 and last traded at $78.60. Approximately 40,081 shares changed hands 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 analysts’ consensus estimates of $0.83 by $3.01. The company had revenue of $30.90 million for the quarter, compared to analysts’ expectations of $27.92 million. Ligand Pharmaceuticals had a return on equity of 11.98% and a net margin of 37.80%. The business’s revenue was down 29.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.96 EPS.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Benchmark reissued a “buy” rating and set a $95.00 target price on shares of Ligand Pharmaceuticals in a report on Friday, April 12th. HC Wainwright reaffirmed a “buy” rating and set a $144.00 target price on shares of Ligand Pharmaceuticals in a report on Wednesday. One 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 stock currently has a consensus rating of “Moderate Buy” and an average price target of $116.33.

Insider Buying and Selling at Ligand Pharmaceuticals

In other news, Director Stephen L. Sabba sold 1,893 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $74.30, for a total transaction of $140,649.90. Following the completion of the sale, the director now 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 SEC, which is accessible through this hyperlink. Insiders own 10.40% of the company’s stock.

Institutional Trading of Ligand Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Texas Permanent School Fund Corp lifted its holdings in shares of Ligand Pharmaceuticals by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 14,344 shares of the biotechnology company’s stock worth $1,049,000 after acquiring an additional 185 shares during the last quarter. Swiss National Bank lifted its stake in Ligand Pharmaceuticals by 0.6% in the 1st quarter. Swiss National Bank now owns 32,700 shares of the biotechnology company’s stock valued at $2,390,000 after purchasing an additional 200 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in Ligand Pharmaceuticals by 95.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 441 shares of the biotechnology company’s stock valued at $26,000 after buying an additional 215 shares in the last quarter. Teacher Retirement System of Texas grew its stake in shares of Ligand Pharmaceuticals by 5.6% during the third quarter. Teacher Retirement System of Texas now owns 4,650 shares of the biotechnology company’s stock worth $279,000 after buying an additional 246 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Ligand Pharmaceuticals by 8.5% during the first quarter. ProShare Advisors LLC now owns 4,627 shares of the biotechnology company’s stock worth $338,000 after buying an additional 363 shares in the last quarter. 91.28% of the stock is currently owned by institutional investors.

Ligand Pharmaceuticals Trading Up 7.2 %

The company has a market capitalization of $1.52 billion, a P/E ratio of 31.32 and a beta of 1.01. The stock has a 50 day moving average price of $74.23 and a 200 day moving average price of $69.24.

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.