Brokerages forecast that Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) will post sales of $23.39 million for the current quarter, Zacks reports. Two analysts have provided estimates for Ligand Pharmaceuticals’ earnings, with the highest sales estimate coming in at $23.43 million and the lowest estimate coming in at $23.34 million. Ligand Pharmaceuticals reported sales of $19.52 million in the same quarter last year, which indicates a positive year over year growth rate of 19.8%. The business is scheduled to issue its next quarterly earnings report on Thursday, August 3rd.
On average, analysts expect that Ligand Pharmaceuticals will report full year sales of $23.39 million for the current year, with estimates ranging from $130.06 million to $136.90 million. For the next financial year, analysts expect that the company will post sales of $175.74 million per share, with estimates ranging from $153.50 million to $187.70 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Ligand Pharmaceuticals.
Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings results on Tuesday, May 9th. The biotechnology company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.55 by $0.16. The company had revenue of $29.27 million for the quarter, compared to analysts’ expectations of $30.25 million. Ligand Pharmaceuticals had a negative net margin of 2.91% and a positive return on equity of 2.57%. The firm’s revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.63 earnings per share.
A number of equities analysts have recently issued reports on LGND shares. Roth Capital started coverage on Ligand Pharmaceuticals in a research note on Monday, February 27th. They set a “buy” rating and a $118.00 target price for the company. Zacks Investment Research downgraded Ligand Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $130.47.
Ligand Pharmaceuticals (LGND) opened at 122.17 on Thursday. The company’s 50-day moving average price is $113.11 and its 200 day moving average price is $107.50. The stock’s market capitalization is $2.57 billion. Ligand Pharmaceuticals has a 12 month low of $87.50 and a 12 month high of $139.79.
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In related news, Director Jason Aryeh sold 37,247 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $110.76, for a total value of $4,125,477.72. Following the completion of the transaction, the director now directly owns 58,959 shares of the company’s stock, valued at approximately $6,530,298.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew W. Foehr sold 5,621 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $112.20, for a total value of $630,676.20. Following the completion of the transaction, the insider now directly owns 98,341 shares of the company’s stock, valued at $11,033,860.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,868 shares of company stock valued at $6,134,594. Company insiders own 14.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Ligand Pharmaceuticals by 166,566.2% in the first quarter. BlackRock Inc. now owns 2,614,993 shares of the biotechnology company’s stock valued at $276,770,000 after buying an additional 2,613,424 shares during the last quarter. William Blair Investment Management LLC increased its position in Ligand Pharmaceuticals by 42.3% in the first quarter. William Blair Investment Management LLC now owns 1,728,178 shares of the biotechnology company’s stock valued at $182,910,000 after buying an additional 513,531 shares during the last quarter. Vanguard Group Inc. increased its position in Ligand Pharmaceuticals by 4.6% in the first quarter. Vanguard Group Inc. now owns 1,687,618 shares of the biotechnology company’s stock valued at $178,618,000 after buying an additional 74,193 shares during the last quarter. Stephens Investment Management Group LLC increased its position in Ligand Pharmaceuticals by 8.0% in the first quarter. Stephens Investment Management Group LLC now owns 448,479 shares of the biotechnology company’s stock valued at $47,467,000 after buying an additional 33,144 shares during the last quarter. Finally, Macquarie Group Ltd. increased its position in Ligand Pharmaceuticals by 12.4% in the first quarter. Macquarie Group Ltd. now owns 369,985 shares of the biotechnology company’s stock valued at $39,159,000 after buying an additional 40,820 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 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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