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

Ligand Pharmaceuticals (NASDAQ:LGND) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 5.500-5.700 for the period, compared to the consensus earnings per share 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.

Ligand Pharmaceuticals Stock Performance

Shares of LGND stock opened at $114.25 on Friday. The company has a market capitalization of $2.16 billion, a P/E ratio of 45.52 and a beta of 1.01. The company’s 50 day moving average price is $116.15 and its two-hundred day moving average price is $104.07. Ligand Pharmaceuticals has a 52 week low of $67.53 and a 52 week high of $129.90.

Analyst Upgrades and Downgrades

LGND has been the subject of several recent analyst reports. Benchmark reaffirmed a “buy” rating and set a $135.00 price objective on shares of Ligand Pharmaceuticals in a research report on Monday. HC Wainwright reaffirmed a “buy” rating on shares of Ligand Pharmaceuticals in a research note on Wednesday, December 11th. Barclays boosted their price target on Ligand Pharmaceuticals from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Royal Bank of Canada raised their price objective on Ligand Pharmaceuticals from $141.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Finally, Oppenheimer lifted their price target on Ligand Pharmaceuticals from $135.00 to $147.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Ligand Pharmaceuticals currently has an average rating of “Buy” and an average price target of $147.00.

Insider Activity

In other Ligand Pharmaceuticals news, Director John L. Lamattina sold 2,406 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $123.65, for a total transaction of $297,501.90. Following the sale, the director now directly owns 29,515 shares in the company, valued at $3,649,529.75. This represents a 7.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Octavio Espinoza sold 2,104 shares of the stock in a transaction dated 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 directly owns 20,647 shares in the company, valued at $2,402,691.39. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.90% of the company’s stock.

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.