Zacks Investment Research lowered shares of Ligand Pharmaceuticals (NASDAQ:LGND) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Ligand is highly dependent on its Captisol-based partners for revenue. If any of the company’s partners fails to receive regulatory approval or terminates a deal, Ligand’s future prospects would be severely hampered. 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. Moreover, Ligand’s dependence on a single supplier to obtains Captisol is alos concerning. However, the company’s entry into the Medical Devices Segment with the acquisition of multiple programs owned by CorMatrix is encouraging. Also, with regard to Ligand’s internal pipeline, there are several candidates in development that could bring in future licensing opportunities. Shares of Ligand have outperformed the broader industry in the last one year.”
LGND has been the subject of several other research reports. HC Wainwright set a $169.00 price target on shares of Ligand Pharmaceuticals and gave the company a buy rating in a research report on Wednesday, December 27th. Deutsche Bank downgraded shares of Ligand Pharmaceuticals from a hold rating to a sell rating and set a $105.00 price target for the company. in a research report on Monday, November 20th. Roth Capital reissued a buy rating and set a $158.00 price target (up previously from $135.00) on shares of Ligand Pharmaceuticals in a research report on Wednesday, October 11th. Finally, Craig Hallum reissued a buy rating and set a $170.00 price target (up previously from $160.00) on shares of Ligand Pharmaceuticals in a research report on Wednesday, November 15th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $150.67.
Ligand Pharmaceuticals (NASDAQ:LGND) last announced its quarterly earnings results on Thursday, November 9th. The biotechnology company reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.32. The company had revenue of $33.38 million during the quarter, compared to the consensus estimate of $31.04 million. Ligand Pharmaceuticals had a net margin of 12.76% and a return on equity of 7.83%. The firm’s quarterly revenue was up 54.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.62 earnings per share. research analysts forecast that Ligand Pharmaceuticals will post 2.37 earnings per share for the current year.
In other Ligand Pharmaceuticals news, CEO John L. Higgins sold 5,269 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $142.53, for a total value of $750,990.57. Following the completion of the sale, the chief executive officer now owns 143,542 shares of the company’s stock, valued at approximately $20,459,041.26. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Stephen L. Sabba sold 925 shares of Ligand Pharmaceuticals stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $137.25, for a total transaction of $126,956.25. Following the completion of the sale, the director now directly owns 26,985 shares of the company’s stock, valued at approximately $3,703,691.25. The disclosure for this sale can be found here. Insiders have sold 17,753 shares of company stock valued at $2,522,007 in the last three months. 8.30% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of the business. BlackRock Inc. grew its position in Ligand Pharmaceuticals by 2.6% in the 2nd quarter. BlackRock Inc. now owns 2,683,880 shares of the biotechnology company’s stock worth $325,822,000 after purchasing an additional 68,887 shares during the period. Vanguard Group Inc. grew its position in Ligand Pharmaceuticals by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,741,818 shares of the biotechnology company’s stock worth $211,457,000 after purchasing an additional 54,200 shares during the period. Janus Henderson Group PLC grew its position in Ligand Pharmaceuticals by 26.7% in the 3rd quarter. Janus Henderson Group PLC now owns 754,692 shares of the biotechnology company’s stock worth $102,751,000 after purchasing an additional 159,201 shares during the period. Macquarie Group Ltd. grew its position in Ligand Pharmaceuticals by 27.3% in the 2nd quarter. Macquarie Group Ltd. now owns 471,058 shares of the biotechnology company’s stock worth $57,186,000 after purchasing an additional 101,073 shares during the period. Finally, Stephens Investment Management Group LLC grew its position in Ligand Pharmaceuticals by 0.7% in the 3rd quarter. Stephens Investment Management Group LLC now owns 451,228 shares of the biotechnology company’s stock worth $61,435,000 after purchasing an additional 2,950 shares during the period.
About Ligand Pharmaceuticals
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Ligand Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ligand Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.