Ligand Pharmaceuticals (NASDAQ:LGND) Shares Up 7.3% Following Strong Earnings

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND)’s stock price was up 7.3% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $79.19 and last traded at $78.60. Approximately 40,081 shares traded 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 for the quarter, topping the consensus estimate of $0.83 by $3.01. Ligand Pharmaceuticals had a return on equity of 11.98% and a net margin of 37.80%. The business had revenue of $30.90 million for the quarter, compared to analysts’ expectations of $27.92 million. During the same period in the previous year, the firm posted $1.96 EPS. The business’s revenue for the quarter was down 29.8% compared to the same quarter last year.

Analyst Ratings Changes

LGND has been the subject of a number of analyst reports. Benchmark reissued a “buy” rating and issued a $95.00 price objective on shares of Ligand Pharmaceuticals in a report on Friday, April 12th. HC Wainwright reissued a “buy” rating and set a $144.00 price objective on shares of Ligand Pharmaceuticals in a research report on Wednesday. One analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Ligand Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $116.33.

Insider Activity at Ligand Pharmaceuticals

In other news, Director Stephen L. Sabba sold 1,893 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $74.30, for a total transaction of $140,649.90. Following the sale, the director now owns 28,926 shares of the company’s stock, valued at $2,149,201.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 10.40% of the company’s stock.

Institutional Trading of Ligand Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. boosted its stake in shares of Ligand Pharmaceuticals by 95.1% in the 3rd 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 during the period. Principal Securities Inc. acquired a new position in Ligand Pharmaceuticals during the 4th quarter worth approximately $53,000. Scarborough Advisors LLC purchased a new stake in shares of Ligand Pharmaceuticals in the 4th quarter valued at approximately $107,000. PNC Financial Services Group Inc. increased its position in shares of Ligand Pharmaceuticals by 32.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,840 shares of the biotechnology company’s stock valued at $131,000 after purchasing an additional 450 shares during the last quarter. Finally, M&R Capital Management Inc. acquired a new stake in shares of Ligand Pharmaceuticals in the 1st quarter valued at $146,000. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Stock Performance

The firm has a market capitalization of $1.41 billion, a PE ratio of 28.49 and a beta of 1.01. The company’s 50-day moving average price is $74.18 and its 200-day moving average price is $69.05.

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.