Ligand Pharmaceuticals (NASDAQ:LGND) Issues FY 2022 Earnings Guidance

Ligand Pharmaceuticals (NASDAQ:LGNDGet Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided EPS guidance of $4.30-$4.45 for the period, compared to the consensus EPS estimate of $2.79. The company issued revenue guidance of $184.00 million-$189.00 million, compared to the consensus revenue estimate of $181.56 million.

Ligand Pharmaceuticals Stock Up 1.5 %

Shares of LGND opened at $78.50 on Tuesday. The stock’s fifty day simple moving average is $84.20 and its 200 day simple moving average is $88.64. Ligand Pharmaceuticals has a twelve month low of $57.77 and a twelve month high of $168.11.

Wall Street Analysts Forecast Growth

LGND has been the subject of a number of research reports. Benchmark decreased their price target on Ligand Pharmaceuticals to $95.00 in a research note on Tuesday, November 15th. Roth Capital decreased their price target on Ligand Pharmaceuticals from $185.00 to $175.00 and set a buy rating for the company in a research note on Friday, September 2nd. StockNews.com raised shares of Ligand Pharmaceuticals from a sell rating to a hold rating in a report on Thursday, November 3rd. Finally, Barclays cut their target price on shares of Ligand Pharmaceuticals from $150.00 to $120.00 and set an overweight rating on the stock in a report on Monday. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Ligand Pharmaceuticals has a consensus rating of Moderate Buy and a consensus price target of $165.00.

Insiders Place Their Bets

In other Ligand Pharmaceuticals news, CFO Octavio Espinoza sold 1,696 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $75.64, for a total transaction of $128,285.44. Following the transaction, the chief financial officer now directly owns 8,857 shares in the company, valued at approximately $669,943.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO John L. Higgins sold 10,000 shares of Ligand Pharmaceuticals stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $78.32, for a total value of $783,200.00. Following the completion of the sale, the chief executive officer now owns 416,731 shares of the company’s stock, valued at approximately $32,638,371.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Octavio Espinoza sold 1,696 shares of Ligand Pharmaceuticals stock in a transaction on Wednesday, November 9th. The shares were sold at an average price of $75.64, for a total transaction of $128,285.44. Following the completion of the sale, the chief financial officer now directly owns 8,857 shares of the company’s stock, valued at approximately $669,943.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,696 shares of company stock worth $1,091,485. Corporate insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LGND. Vanguard Group Inc. grew its stake in Ligand Pharmaceuticals by 1.1% during the third quarter. Vanguard Group Inc. now owns 1,793,414 shares of the biotechnology company’s stock worth $154,432,000 after buying an additional 19,440 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Ligand Pharmaceuticals during the second quarter worth approximately $1,605,000. BNP Paribas Arbitrage SNC lifted its position in shares of Ligand Pharmaceuticals by 294.2% during the third quarter. BNP Paribas Arbitrage SNC now owns 16,874 shares of the biotechnology company’s stock worth $1,453,000 after purchasing an additional 12,593 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Ligand Pharmaceuticals by 130.2% during the second quarter. AQR Capital Management LLC now owns 17,613 shares of the biotechnology company’s stock worth $1,528,000 after purchasing an additional 9,962 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Ligand Pharmaceuticals by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 378,118 shares of the biotechnology company’s stock worth $42,537,000 after purchasing an additional 5,450 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

Ligand Pharmaceuticals Company Profile

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Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing or acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Veklury for the treatment of moderate or severe COVID-19; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by Streptococcus pneumoniae; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.

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