Ligand Pharmaceuticals (NASDAQ:LGND – Get Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.40-$3.00 for the period, compared to the consensus EPS estimate of $2.30. The company issued revenue guidance of $169.00 million-$188.00 million, compared to the consensus revenue estimate of $162.86 million.
Ligand Pharmaceuticals Stock Down 2.1 %
NASDAQ LGND traded down $2.01 during trading on Tuesday, hitting $91.88. 4,055 shares of the company’s stock were exchanged, compared to its average volume of 107,290. Ligand Pharmaceuticals has a fifty-two week low of $72.57 and a fifty-two week high of $169.98. The stock’s 50 day moving average price is $96.21 and its two-hundred day moving average price is $96.75.
Wall Street Analyst Weigh In
LGND has been the subject of several research analyst reports. StockNews.com raised Ligand Pharmaceuticals from a sell rating to a hold rating in a research note on Wednesday, August 10th. Roth Capital lowered their target price on Ligand Pharmaceuticals from $185.00 to $175.00 and set a buy rating for the company in a research note on Friday. Barclays lowered their target price on Ligand Pharmaceuticals from $165.00 to $157.00 and set an overweight rating for the company in a research note on Tuesday, July 5th. BMO Capital Markets assumed coverage on Ligand Pharmaceuticals in a research note on Thursday, June 16th. They issued an outperform rating for the company. Finally, Stephens lowered their price objective on Ligand Pharmaceuticals to $130.00 and set a na rating for the company in a research note on Monday, May 16th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Ligand Pharmaceuticals currently has an average rating of Moderate Buy and a consensus price target of $177.00.
Institutional Trading of Ligand Pharmaceuticals
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in LGND. Advisor Group Holdings Inc. increased its position in Ligand Pharmaceuticals by 10.6% during the 1st quarter. Advisor Group Holdings Inc. now owns 1,341 shares of the biotechnology company’s stock valued at $151,000 after purchasing an additional 128 shares during the period. MetLife Investment Management LLC boosted its holdings in shares of Ligand Pharmaceuticals by 54.9% during the 1st quarter. MetLife Investment Management LLC now owns 8,617 shares of the biotechnology company’s stock worth $969,000 after buying an additional 3,053 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Ligand Pharmaceuticals by 2.3% during the 1st quarter. Rhumbline Advisers now owns 46,027 shares of the biotechnology company’s stock worth $5,178,000 after buying an additional 1,024 shares in the last quarter. Yousif Capital Management LLC boosted its holdings in shares of Ligand Pharmaceuticals by 1.4% during the 1st quarter. Yousif Capital Management LLC now owns 15,834 shares of the biotechnology company’s stock worth $1,781,000 after buying an additional 225 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Ligand Pharmaceuticals by 1.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 378,118 shares of the biotechnology company’s stock worth $42,537,000 after buying an additional 5,450 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.
About Ligand Pharmaceuticals
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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