Ligand Pharmaceuticals (NASDAQ:LGND) Trading 7.3% Higher Following Strong Earnings

Shares of Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) shot up 7.3% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $79.19 and last traded at $78.60. 40,081 shares changed hands during trading, a decline of 74% from the average session volume of 155,450 shares. The stock had previously closed at $73.22.

The biotechnology company reported $3.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $3.01. Ligand Pharmaceuticals had a net margin of 37.80% and a return on equity of 11.98%. The company had revenue of $30.90 million for the quarter, compared to the consensus estimate of $27.92 million. During the same period in the prior year, the company posted $1.96 EPS. The company’s revenue was down 29.8% compared to the same quarter last year.

Analyst Ratings Changes

LGND has been the topic of a number of analyst reports. Benchmark reissued a “buy” rating and issued a $95.00 price target on shares of Ligand Pharmaceuticals in a research note on Friday, April 12th. HC Wainwright reissued a “buy” rating and issued a $144.00 target price on shares of Ligand Pharmaceuticals in a research note on Wednesday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $116.33.

Insider Buying and Selling

In other news, Director Stephen L. Sabba sold 1,893 shares of Ligand Pharmaceuticals stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $74.30, for a total transaction of $140,649.90. Following the transaction, the director now owns 28,926 shares in the company, valued at approximately $2,149,201.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 10.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ligand Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in LGND. Strs Ohio raised its stake in shares of Ligand Pharmaceuticals by 15.3% in the 3rd quarter. Strs Ohio now owns 11,300 shares of the biotechnology company’s stock valued at $677,000 after purchasing an additional 1,500 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in shares of Ligand Pharmaceuticals by 95.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 441 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 215 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of Ligand Pharmaceuticals by 5.6% in the third quarter. Teacher Retirement System of Texas now owns 4,650 shares of the biotechnology company’s stock valued at $279,000 after purchasing an additional 246 shares during the last quarter. Capula Management Ltd lifted its position in shares of Ligand Pharmaceuticals by 90.5% in the third quarter. Capula Management Ltd now owns 14,900 shares of the biotechnology company’s stock worth $893,000 after purchasing an additional 7,080 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Ligand Pharmaceuticals by 78.4% during the third quarter. Victory Capital Management Inc. now owns 17,409 shares of the biotechnology company’s stock worth $1,043,000 after purchasing an additional 7,652 shares during the last quarter. 91.28% of the stock is currently owned by institutional investors and hedge funds.

Ligand Pharmaceuticals Trading Up 9.8 %

The firm’s 50 day simple moving average is $74.10 and its 200-day simple moving average is $69.13. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 29.22 and a beta of 1.01.

About Ligand Pharmaceuticals

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, engages in the development and licensing of biopharmaceutical assets worldwide. Its commercial programs include Kyprolis and Evomela, which are used to treat multiple myeloma; Rylaze, a recombinant erwinia asparaginase for the treatment of acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; Filspari, a dual endothelin and angiotensin II receptor antagonist in development for rare kidney diseases and non-immunosuppressive treatment indicated for immunoglobulin A nephropathy; Teriparatide injection product for osteoporosis; Vaxneuvance for the prevention of invasive disease caused by streptococcus pneumoniae serotypes; and Pneumosil, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia among children.