Ligand Pharmaceuticals Reaches New 12-Month High Following Strong Earnings (LGND)
Shares of Ligand Pharmaceuticals (NASDAQ:LGND) reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report, Analyst Ratings Network.com reports. The company traded as high as $71.92 and last traded at $71.25, with a volume of 903,788 shares changing hands. The stock had previously closed at $62.70.
The company reported $0.35 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.19 by $0.16. The company had revenue of $14.70 million for the quarter, compared to the consensus estimate of $13.72 million. The company’s quarterly revenue was up 8.1% on a year-over-year basis.
A number of analysts have recently weighed in on LGND shares. Analysts at MLV Capital raised their price target on shares of Ligand Pharmaceuticals from $62.00 to $82.00 in a research note on Monday. They now have a “buy” rating on the stock. Separately, analysts at Summer Street raised their price target on shares of Ligand Pharmaceuticals from $69.00 to $78.00 in a research note on Monday, January 27th. They now have a “buy” rating on the stock. Finally, analysts at Zacks upgraded shares of Ligand Pharmaceuticals from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 23rd. They now have a $68.50 price target on the stock. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $63.64.
The stock has a 50-day moving average of $58.73 and a 200-day moving average of $51.43. The company has a market cap of $1.456 billion and a price-to-earnings ratio of 120.81.
Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) is a biotechnology company that operates with a business model focused on developing or acquiring assets.
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