Ligand Pharmaceuticals (LGND) Downgraded by Zacks Investment Research
Ligand Pharmaceuticals (NASDAQ:LGND) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Ligand reported better-than-expected results in the third quarter of 2017 with both earnings and revenues beating estimates. The company’s Captisol formulation technology has resulted in partnerships with several leading drug companies like Novartis and Amgen that provide it with funds in the form of milestone and royalty payments. Also, with regard to Ligand’s internal pipeline, there are several candidates in development that could bring in future licensing opportunities. Additionally, the company’s entry into the Medical Devices Segment with the acquisition of multiple programs owned by CorMatrix is encouraging. Shares of Ligand have outperformed the broader industry this year so far. However, the company derives a substantial portion of its revenues from royalties associated with the sales of Promacta and Kyprolis. Any setback related to either of these two products could leave a substantial impact.”
Several other research analysts also recently commented on the company. HC Wainwright set a $163.00 price target on Ligand Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday. Deutsche Bank downgraded Ligand Pharmaceuticals from a “hold” rating to a “sell” rating and set a $105.00 price target on the stock. in a research report on Monday, November 20th. Craig Hallum reaffirmed a “buy” rating and issued a $170.00 price target (up from $160.00) on shares of Ligand Pharmaceuticals in a research report on Wednesday, November 15th. Finally, Roth Capital set a $158.00 price target on Ligand Pharmaceuticals and gave the stock a “buy” rating in a research report on Monday, November 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $149.67.
Ligand Pharmaceuticals (NASDAQ:LGND) last issued its quarterly earnings results on Thursday, November 9th. The biotechnology company reported $0.69 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.32. The company had revenue of $33.38 million for the quarter, compared to the consensus estimate of $31.04 million. Ligand Pharmaceuticals had a return on equity of 7.83% and a net margin of 12.76%. The company’s revenue for the quarter was up 54.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.62 EPS. equities analysts anticipate that Ligand Pharmaceuticals will post 2.37 earnings per share for the current year.
In other news, Director John W. Kozarich sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $141.71, for a total transaction of $708,550.00. Following the sale, the director now directly owns 35,649 shares in the company, valued at $5,051,819.79. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Matthew E. Korenberg sold 6,559 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $142.63, for a total value of $935,510.17. Following the sale, the vice president now owns 8,147 shares in the company, valued at $1,162,006.61. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,828 shares of company stock worth $3,045,051. 8.30% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Acrospire Investment Management LLC boosted its stake in Ligand Pharmaceuticals by 25.0% in the third quarter. Acrospire Investment Management LLC now owns 1,000 shares of the biotechnology company’s stock worth $102,000 after purchasing an additional 200 shares in the last quarter. Flinton Capital Management LLC acquired a new position in Ligand Pharmaceuticals in the fourth quarter worth $104,000. Tyers Asset Management LLC boosted its stake in Ligand Pharmaceuticals by 23.3% in the first quarter. Tyers Asset Management LLC now owns 1,036 shares of the biotechnology company’s stock worth $110,000 after purchasing an additional 196 shares in the last quarter. Van Hulzen Asset Management LLC acquired a new position in Ligand Pharmaceuticals in the third quarter worth $113,000. Finally, LS Investment Advisors LLC boosted its stake in Ligand Pharmaceuticals by 43.2% in the first quarter. LS Investment Advisors LLC now owns 1,197 shares of the biotechnology company’s stock worth $127,000 after purchasing an additional 361 shares in the last quarter.
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Ligand Pharmaceuticals Company Profile
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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