Ligand Pharmaceuticals (NASDAQ:LGND) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
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 reports. Craig Hallum reissued a “buy” rating and issued a $170.00 price target (up from $160.00) on shares of Ligand Pharmaceuticals in a report on Wednesday, November 15th. HC Wainwright set a $157.00 price target on Ligand Pharmaceuticals and gave the company a “buy” rating in a report on Tuesday, October 24th. Deutsche Bank cut Ligand Pharmaceuticals from a “hold” rating to a “sell” rating and set a $105.00 price target for the company. in a report on Monday, November 20th. Finally, Roth Capital set a $158.00 price target on Ligand Pharmaceuticals and gave the company a “buy” rating in a report on Monday, November 13th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Ligand Pharmaceuticals has a consensus rating of “Hold” and an average target price of $150.67.
Ligand Pharmaceuticals (LGND) traded up $2.83 during trading on Tuesday, reaching $141.46. The company’s stock had a trading volume of 424,200 shares, compared to its average volume of 285,550. Ligand Pharmaceuticals has a 52 week low of $95.08 and a 52 week high of $149.31. The company has a quick ratio of 0.95, a current ratio of 0.97 and a debt-to-equity ratio of 0.05. The firm has a market cap of $3,020.00, a PE ratio of 205.01, a price-to-earnings-growth ratio of 1.48 and a beta of 0.91.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its quarterly earnings results on Thursday, November 9th. The biotechnology company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.37 by $0.32. The business had revenue of $33.38 million during the quarter, compared to analysts’ expectations of $31.04 million. Ligand Pharmaceuticals had a return on equity of 7.83% and a net margin of 12.76%. The company’s quarterly revenue was up 54.4% compared to the same quarter last year. During the same period last year, the firm earned $0.62 EPS. equities analysts predict that Ligand Pharmaceuticals will post 2.37 EPS for the current year.
In related news, CEO John L. Higgins sold 5,269 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $142.53, for a total value of $750,990.57. Following the completion of the transaction, the chief executive officer now directly owns 143,542 shares of the company’s stock, valued at approximately $20,459,041.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Matthew E. Korenberg sold 6,559 shares of the firm’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 completion of the transaction, the vice president now directly owns 8,147 shares of the company’s stock, valued at $1,162,006.61. The disclosure for this sale can be found here. Insiders sold a total of 17,753 shares of company stock valued at $2,522,007 over the last ninety days. 8.30% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 361 Capital LLC purchased a new position in Ligand Pharmaceuticals in the 3rd quarter valued at approximately $2,099,000. Janus Henderson Group PLC increased its position in Ligand Pharmaceuticals by 26.7% during the third quarter. Janus Henderson Group PLC now owns 754,692 shares of the biotechnology company’s stock worth $102,751,000 after buying an additional 159,201 shares in the last quarter. Round Table Services LLC purchased a new position in Ligand Pharmaceuticals during the third quarter worth $205,000. Prudential Financial Inc. increased its position in Ligand Pharmaceuticals by 48.7% during the third quarter. Prudential Financial Inc. now owns 72,150 shares of the biotechnology company’s stock worth $9,823,000 after buying an additional 23,643 shares in the last quarter. Finally, First Republic Investment Management Inc. increased its position in Ligand Pharmaceuticals by 8.9% during the third quarter. First Republic Investment Management Inc. now owns 5,793 shares of the biotechnology company’s stock worth $789,000 after buying an additional 471 shares in the last quarter.
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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