Brokerages expect Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) to post $31.22 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Ligand Pharmaceuticals’ earnings, with estimates ranging from $27.12 million to $34.95 million. Ligand Pharmaceuticals posted sales of $21.62 million in the same quarter last year, which suggests a positive year-over-year growth rate of 44.4%. The firm is expected to announce its next quarterly earnings results on Thursday, November 2nd.
On average, analysts expect that Ligand Pharmaceuticals will report full-year sales of $31.22 million for the current year, with estimates ranging from $133.40 million to $137.12 million. For the next fiscal year, analysts forecast that the firm will report sales of $175.60 million per share, with estimates ranging from $158.50 million to $188.16 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Ligand Pharmaceuticals.
Ligand Pharmaceuticals (NASDAQ:LGND) last released its earnings results on Monday, August 7th. The biotechnology company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.42. Ligand Pharmaceuticals had a net margin of 7.39% and a return on equity of 5.05%. The company had revenue of $28.00 million during the quarter, compared to the consensus estimate of $24.40 million. During the same quarter in the prior year, the firm earned $0.50 EPS. The company’s revenue was up 43.6% compared to the same quarter last year.
A number of analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and issued a $150.00 target price on shares of Ligand Pharmaceuticals in a research report on Tuesday, September 5th. ValuEngine upgraded Ligand Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Stephens reiterated an “overweight” rating and issued a $137.00 price objective (up previously from $125.00) on shares of Ligand Pharmaceuticals in a research report on Wednesday, August 9th. TheStreet upgraded Ligand Pharmaceuticals from a “c” rating to a “b-” rating in a research report on Monday, August 7th. Finally, Deutsche Bank AG boosted their price objective on Ligand Pharmaceuticals from $103.00 to $104.00 and gave the company a “hold” rating in a research report on Tuesday, August 8th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $132.29.
In other Ligand Pharmaceuticals news, Director Jason Aryeh sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $127.99, for a total value of $255,980.00. Following the completion of the sale, the director now owns 59,625 shares in the company, valued at $7,631,403.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John L. Higgins sold 4,666 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $120.00, for a total value of $559,920.00. Following the completion of the sale, the chief executive officer now owns 143,837 shares of the company’s stock, valued at approximately $17,260,440. The disclosure for this sale can be found here. Insiders sold 41,874 shares of company stock valued at $5,293,716 in the last quarter. Corporate insiders own 14.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Credit Suisse AG raised its holdings in shares of Ligand Pharmaceuticals by 34.3% during the first quarter. Credit Suisse AG now owns 127,030 shares of the biotechnology company’s stock valued at $13,444,000 after acquiring an additional 32,413 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of Ligand Pharmaceuticals by 19.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 102,959 shares of the biotechnology company’s stock valued at $10,898,000 after acquiring an additional 16,899 shares in the last quarter. Eagle Asset Management Inc. raised its holdings in shares of Ligand Pharmaceuticals by 7.7% during the second quarter. Eagle Asset Management Inc. now owns 490,841 shares of the biotechnology company’s stock valued at $59,588,000 after acquiring an additional 35,289 shares in the last quarter. Morse Asset Management Inc bought a new position in shares of Ligand Pharmaceuticals during the second quarter valued at approximately $1,078,000. Finally, Arizona State Retirement System raised its holdings in shares of Ligand Pharmaceuticals by 1.0% during the second quarter. Arizona State Retirement System now owns 9,975 shares of the biotechnology company’s stock valued at $1,211,000 after acquiring an additional 100 shares in the last quarter.
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Ligand Pharmaceuticals (NASDAQ:LGND) opened at 137.92 on Wednesday. Ligand Pharmaceuticals has a 52 week low of $87.50 and a 52 week high of $137.97. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 336.39 and a beta of 0.99. The stock’s 50 day moving average is $126.42 and its 200 day moving average is $115.32.
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 is involved in the development and licensing of biopharmaceutical assets. 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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