Ligand Pharmaceuticals (NASDAQ:LGND) Releases Earnings Results, Misses Expectations By $0.21 EPS

Ligand Pharmaceuticals (NASDAQ:LGND) posted its quarterly earnings data on Thursday. The biotechnology company reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.84 by ($0.21), FiscalAI reports. The firm had revenue of $51.72 million for the quarter, compared to the consensus estimate of $59.10 million. Ligand Pharmaceuticals had a return on equity of 16.19% and a net margin of 55.95%.Ligand Pharmaceuticals’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.33 earnings per share.

Ligand Pharmaceuticals Stock Performance

Shares of NASDAQ:LGND traded down $2.23 on Thursday, hitting $218.98. 151,157 shares of the company were exchanged, compared to its average volume of 212,691. The company’s 50 day moving average price is $214.39 and its two-hundred day moving average price is $201.77. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of 29.71, a PEG ratio of 1.79 and a beta of 1.20. The company has a debt-to-equity ratio of 0.45, a quick ratio of 20.95 and a current ratio of 21.28. Ligand Pharmaceuticals has a one year low of $98.89 and a one year high of $247.38.

Insider Activity at Ligand Pharmaceuticals

In related news, CFO Octavio Espinoza sold 3,057 shares of Ligand Pharmaceuticals stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $225.00, for a total transaction of $687,825.00. Following the sale, the chief financial officer directly owned 21,010 shares of the company’s stock, valued at $4,727,250. This trade represents a 12.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew Reardon sold 5,000 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $231.31, for a total value of $1,156,550.00. Following the transaction, the insider owned 41,382 shares in the company, valued at $9,572,070.42. This represents a 10.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 37,949 shares of company stock worth $8,014,056 in the last three months. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LGND. Royal Bank of Canada lifted its position in Ligand Pharmaceuticals by 25.8% in the first quarter. Royal Bank of Canada now owns 6,120 shares of the biotechnology company’s stock worth $644,000 after purchasing an additional 1,256 shares during the period. AQR Capital Management LLC bought a new stake in Ligand Pharmaceuticals in the 1st quarter valued at $344,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Ligand Pharmaceuticals by 8.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,660 shares of the biotechnology company’s stock valued at $1,121,000 after buying an additional 809 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Ligand Pharmaceuticals by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,327 shares of the biotechnology company’s stock valued at $5,817,000 after buying an additional 4,926 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Ligand Pharmaceuticals by 176.2% during the 1st quarter. Jane Street Group LLC now owns 36,922 shares of the biotechnology company’s stock worth $3,882,000 after acquiring an additional 23,553 shares during the period. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on LGND. Citigroup upped their price target on shares of Ligand Pharmaceuticals from $276.00 to $282.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. Royal Bank Of Canada lifted their price objective on Ligand Pharmaceuticals from $252.00 to $262.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Bank of America began coverage on Ligand Pharmaceuticals in a research report on Wednesday, March 11th. They set a “buy” rating and a $244.00 price objective for the company. Wall Street Zen downgraded Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, HC Wainwright raised their target price on Ligand Pharmaceuticals from $243.00 to $289.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.71.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals, Inc is a biopharmaceutical company that acquires, develops and out-licenses proprietary technologies designed to help pharmaceutical and biotechnology companies discover and develop novel medicines. Operating primarily through its research services and royalty-generating businesses, Ligand focuses on building a diversified portfolio of technology platforms and partnering with industry leaders to advance therapeutic candidates across multiple disease areas.

The company’s product offerings center around several core platforms.