$42.78 Million in Sales Expected for Ligand Pharmaceuticals Inc. (LGND) This Quarter

Wall Street brokerages expect Ligand Pharmaceuticals Inc. (NASDAQ:LGND) to post sales of $42.78 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Ligand Pharmaceuticals’ earnings, with the highest sales estimate coming in at $43.38 million and the lowest estimate coming in at $42.18 million. Ligand Pharmaceuticals reported sales of $33.38 million during the same quarter last year, which indicates a positive year-over-year growth rate of 28.2%. The business is scheduled to issue its next quarterly earnings report before the market opens on Thursday, November 8th.

According to Zacks, analysts expect that Ligand Pharmaceuticals will report full-year sales of $235.56 million for the current year, with estimates ranging from $233.80 million to $237.31 million. For the next year, analysts anticipate that the firm will post sales of $216.54 million, with estimates ranging from $199.70 million to $233.38 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Ligand Pharmaceuticals.

Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings data on Monday, August 6th. The biotechnology company reported $2.59 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.25. The company had revenue of $90.00 million during the quarter, compared to analysts’ expectations of $82.20 million. Ligand Pharmaceuticals had a return on equity of 25.95% and a net margin of 52.10%. Ligand Pharmaceuticals’s revenue for the quarter was up 221.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.67 earnings per share.

A number of brokerages have commented on LGND. BidaskClub cut Ligand Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday. HC Wainwright set a $280.00 price target on Ligand Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday. ValuEngine cut Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, October 11th. Craig Hallum restated a “buy” rating and issued a $230.00 price target on shares of Ligand Pharmaceuticals in a research report on Wednesday, June 27th. Finally, Roth Capital restated a “neutral” rating on shares of Ligand Pharmaceuticals in a research report on Wednesday, August 8th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Ligand Pharmaceuticals has an average rating of “Hold” and a consensus target price of $223.88.

In related news, SVP Charles S. Berkman sold 19,417 shares of the stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $254.99, for a total transaction of $4,951,140.83. Following the completion of the sale, the senior vice president now owns 28,232 shares in the company, valued at $7,198,877.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Todd C. Davis sold 2,500 shares of the stock in a transaction dated Monday, October 8th. The stock was sold at an average price of $253.99, for a total value of $634,975.00. Following the sale, the director now owns 42,556 shares of the company’s stock, valued at approximately $10,808,798.44. The disclosure for this sale can be found here. Insiders have sold 119,922 shares of company stock valued at $30,297,452 in the last quarter. 7.80% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. Zacks Investment Management purchased a new stake in shares of Ligand Pharmaceuticals during the second quarter worth about $1,852,000. Macquarie Group Ltd. grew its position in shares of Ligand Pharmaceuticals by 2.6% during the second quarter. Macquarie Group Ltd. now owns 397,113 shares of the biotechnology company’s stock worth $82,270,000 after purchasing an additional 9,970 shares in the last quarter. Federated Investors Inc. PA grew its position in shares of Ligand Pharmaceuticals by 293.4% during the second quarter. Federated Investors Inc. PA now owns 65,639 shares of the biotechnology company’s stock worth $13,598,000 after purchasing an additional 48,953 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Ligand Pharmaceuticals by 1.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 135,871 shares of the biotechnology company’s stock worth $28,149,000 after purchasing an additional 1,558 shares in the last quarter. Finally, Castleark Management LLC grew its position in shares of Ligand Pharmaceuticals by 10.1% during the second quarter. Castleark Management LLC now owns 92,215 shares of the biotechnology company’s stock worth $19,104,000 after purchasing an additional 8,439 shares in the last quarter.

Ligand Pharmaceuticals stock opened at $187.52 on Friday. The firm has a market cap of $4.28 billion, a P/E ratio of 72.96, a PEG ratio of 1.78 and a beta of 1.06. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.34 and a quick ratio of 2.32. Ligand Pharmaceuticals has a one year low of $126.50 and a one year high of $278.62.

Ligand Pharmaceuticals Company Profile

Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, focuses on developing and acquiring technologies that help pharmaceutical companies to discover and develop medicines worldwide. Its commercial programs include Promacta, an oral medicine that increases the number of platelets in the blood; Kyprolis and Evomela, which are used to treat multiple myeloma; Baxdela, a captisol-enabled delafloxacin-IV for the treatment of acute bacterial skin and skin structure infections; Nexterone, a captisol-enabled formulation of amiodarone; Noxafil-IV, a captisol-enabled formulation of posaconazole for IV use; Carnexiv, which is indicated as replacement therapy for oral carbamazepine formulations; bazedoxifene for the treatment of postmenopausal osteoporosis; commercial pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune diseases; Vivitra for breast cancer; and Bryxta for non-small cell lung cancer.

Further Reading: Trading Strategy

Get a free copy of the Zacks research report on Ligand Pharmaceuticals (LGND)

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.

Leave a Reply