According to Zacks, “Ligand’s Captisol formulation technology has resulted in partnerships with several leading healthcare companies like Novartis and Amgen that provide it with funds in the form of milestone and royalty payments. The company’s heavy dependence on its partnerships remains a matter of concern. If any of the company’s partners fails to receive regulatory approval or terminates a deal, Ligand’s future prospects would be severely hampered. Moreover, Ligand derives a substantial portion of its revenues from royalties associated with the sales of two products – Promacta and Kyprolis. Any setback related to either of these two products could have a substantial impact on the company’s operating results. However, Ligand continues to work on expanding its portfolio and the CorMatrix deal represents the company’s entry into the medical devices segment. We are also positive on the OMT acquisition.”
A number of other equities research analysts also recently weighed in on LGND. Roth Capital restated a buy rating and issued a $147.00 price target on shares of Ligand Pharmaceuticals in a research note on Saturday, July 9th. Deutsche Bank AG upgraded shares of Ligand Pharmaceuticals from a sell rating to a hold rating and reduced their price target for the company from $110.00 to $105.00 in a research note on Wednesday, September 7th. They noted that the move was a valuation call. Finally, Vetr upgraded shares of Ligand Pharmaceuticals from a buy rating to a strong-buy rating and set a $128.29 price target on the stock in a research note on Wednesday, August 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $138.33.
Ligand Pharmaceuticals (NASDAQ:LGND) traded up 2.11% on Tuesday, hitting $102.69. 41,145 shares of the stock traded hands. The company has a market cap of $2.14 billion, a price-to-earnings ratio of 9.68 and a beta of 1.23. The stock has a 50-day moving average price of $108.75 and a 200 day moving average price of $117.22. Ligand Pharmaceuticals has a 1-year low of $82.06 and a 1-year high of $139.79.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Thursday, August 4th. The biotechnology company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.10. Ligand Pharmaceuticals had a net margin of 263.14% and a return on equity of 11.64%. The company had revenue of $19.50 million for the quarter, compared to the consensus estimate of $18.12 million. During the same period last year, the company posted $1.81 EPS. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, analysts anticipate that Ligand Pharmaceuticals will post $3.45 EPS for the current fiscal year.
In other Ligand Pharmaceuticals news, CEO John L. Higgins sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $117.34, for a total transaction of $352,020.00. Following the completion of the transaction, the chief executive officer now owns 122,664 shares in the company, valued at approximately $14,393,393.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John W. Kozarich sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $137.57, for a total transaction of $137,570.00. Following the transaction, the director now owns 41,783 shares of the company’s stock, valued at approximately $5,748,087.31. The disclosure for this sale can be found here. Company insiders own 14.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 1832 Asset Management L.P. purchased a new position in Ligand Pharmaceuticals during the first quarter valued at about $80,340,000. Emerald Acquisition Ltd. purchased a new position in Ligand Pharmaceuticals during the second quarter valued at about $44,004,000. Mesirow Financial Investment Management Equity Management bought a new stake in shares of Ligand Pharmaceuticals during the second quarter valued at approximately $20,912,000. Atlantic Trust Group LLC bought a new stake in shares of Ligand Pharmaceuticals during the second quarter valued at approximately $20,024,000. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Ligand Pharmaceuticals during the second quarter valued at approximately $17,891,000.
About Ligand Pharmaceuticals
Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals.
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