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Ligand Pharmaceuticals (NASDAQ:LGND) shares were up 12.1% during trading on Monday following a stronger than expected earnings report, AnalystRatings.Net reports. The stock traded as high as $55.24 and last traded at $55.00, with a volume of 589,293 shares changing hands. The stock had previously closed at $49.08.

The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.10. The company had revenue of $10.60 million for the quarter, compared to the consensus estimate of $9.73 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The company’s revenue for the quarter was up 10.4% on a year-over-year basis.

A number of analysts have recently weighed in on LGND shares. Analysts at Empire Asset Management initiated coverage on shares of Ligand Pharmaceuticals in a research note on Tuesday, July 22nd. They set a “sell” rating and a $16.00 price target on the stock. Analysts at Roth Capital initiated coverage on shares of Ligand Pharmaceuticals in a research note on Wednesday, June 25th. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $59.87.

The stock has a 50-day moving average of $58.44 and a 200-day moving average of $64.84. The company has a market cap of $1.137 billion and a P/E ratio of 84.19.

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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