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.”
LGND has been the subject of a number of other research reports. Roth Capital reaffirmed a buy rating and set a $151.00 price target on shares of Ligand Pharmaceuticals in a report on Tuesday, September 20th. Deutsche Bank AG raised shares of Ligand Pharmaceuticals from a sell rating to a hold rating and cut their price target for the stock from $110.00 to $105.00 in a report on Wednesday, September 7th. They noted that the move was a valuation call. Finally, Vetr raised shares of Ligand Pharmaceuticals from a buy rating to a strong-buy rating and set a $128.29 price target for the company in a report on Wednesday, August 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $139.25.
Ligand Pharmaceuticals (NASDAQ:LGND) traded up 0.47% during mid-day trading on Tuesday, reaching $99.00. 46,578 shares of the company’s stock were exchanged. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 9.34 and a beta of 1.23. Ligand Pharmaceuticals has a 12 month low of $82.06 and a 12 month high of $139.79. The stock has a 50-day moving average of $108.19 and a 200-day moving average of $116.97.
Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Thursday, August 4th. The biotechnology company reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 earned $19.50 million during the quarter, compared to the consensus estimate of $18.12 million. During the same quarter in the prior year, the firm posted $1.81 EPS. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. Analysts anticipate that Ligand Pharmaceuticals will post $3.44 earnings per share for the current year.
In other news, CEO John L. Higgins sold 3,000 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $14,393,393.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John W. Kozarich sold 1,666 shares of the firm’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $105.40, for a total transaction of $175,596.40. Following the transaction, the director now directly owns 40,783 shares of the company’s stock, valued at approximately $4,298,528.20. The disclosure for this sale can be found here. 14.70% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Ligand Pharmaceuticals by 8.0% in the second quarter. Vanguard Group Inc. now owns 1,515,814 shares of the biotechnology company’s stock valued at $180,790,000 after buying an additional 111,807 shares during the last quarter. BlackRock Fund Advisors increased its position in Ligand Pharmaceuticals by 6.5% in the second quarter. BlackRock Fund Advisors now owns 1,466,467 shares of the biotechnology company’s stock valued at $174,906,000 after buying an additional 89,463 shares during the last quarter. William Blair Investment Management LLC increased its position in Ligand Pharmaceuticals by 2.1% in the second quarter. William Blair Investment Management LLC now owns 1,255,277 shares of the biotechnology company’s stock valued at $149,717,000 after buying an additional 25,825 shares during the last quarter. FMR LLC increased its position in Ligand Pharmaceuticals by 8.2% in the second quarter. FMR LLC now owns 1,055,463 shares of the biotechnology company’s stock valued at $125,885,000 after buying an additional 80,200 shares during the last quarter. Finally, State Street Corp increased its position in Ligand Pharmaceuticals by 5.3% in the second quarter. State Street Corp now owns 737,003 shares of the biotechnology company’s stock valued at $87,904,000 after buying an additional 37,215 shares during the last quarter.
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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