Zacks Investment Research Downgrades Ligand Pharmaceuticals (LGND) to Hold

Ligand Pharmaceuticals (NASDAQ:LGND) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.

According to Zacks, “Ligand reported better-than-expected results in the third quarter of 2017 with both earnings and revenues beating estimates. The company’s Captisol formulation technology has resulted in partnerships with several leading drug companies like Novartis and Amgen that provide it with funds in the form of milestone and royalty payments. Also, with regard to Ligand’s internal pipeline, there are several candidates in development that could bring in future licensing opportunities. Additionally, the company’s entry into the Medical Devices Segment with the acquisition of multiple programs owned by CorMatrix is encouraging. Shares of Ligand have outperformed the broader industry this year so far. However, 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.”

Other research analysts have also issued reports about the stock. Stephens reiterated an “overweight” rating and issued a $137.00 price objective (up from $125.00) on shares of Ligand Pharmaceuticals in a research note on Wednesday, August 9th. Deutsche Bank lifted their price objective on shares of Ligand Pharmaceuticals from $103.00 to $104.00 and gave the company a “hold” rating in a research note on Tuesday, August 8th. Roth Capital lifted their price objective on shares of Ligand Pharmaceuticals from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, August 8th. TheStreet upgraded shares of Ligand Pharmaceuticals from a “c” rating to a “b-” rating in a research note on Monday, August 7th. Finally, Craig Hallum reiterated a “buy” rating and issued a $170.00 price objective (up from $160.00) on shares of Ligand Pharmaceuticals in a research note on Wednesday, November 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. Ligand Pharmaceuticals currently has a consensus rating of “Hold” and a consensus target price of $149.67.

Ligand Pharmaceuticals (LGND) traded down $1.28 during trading on Thursday, reaching $130.57. 171,357 shares of the company were exchanged, compared to its average volume of 264,492. Ligand Pharmaceuticals has a fifty-two week low of $95.08 and a fifty-two week high of $149.31. The stock has a market cap of $2,782.76, a price-to-earnings ratio of 99.14, a price-to-earnings-growth ratio of 2.03 and a beta of 0.92. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.97 and a quick ratio of 0.95.

Ligand Pharmaceuticals (NASDAQ:LGND) last released its quarterly earnings data on Thursday, November 9th. The biotechnology company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.32. Ligand Pharmaceuticals had a net margin of 12.76% and a return on equity of 7.83%. The business had revenue of $33.38 million during the quarter, compared to analyst estimates of $31.04 million. During the same period in the previous year, the business earned $0.62 EPS. Ligand Pharmaceuticals’s revenue was up 54.4% compared to the same quarter last year. equities research analysts anticipate that Ligand Pharmaceuticals will post 2.37 earnings per share for the current fiscal year.

In other news, Director John W. Kozarich sold 5,000 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $141.71, for a total transaction of $708,550.00. Following the completion of the transaction, the director now directly owns 35,649 shares in the company, valued at approximately $5,051,819.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Matthew E. Korenberg sold 6,559 shares of the business’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $142.63, for a total transaction of $935,510.17. Following the transaction, the vice president now 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 have sold a total of 21,828 shares of company stock valued at $3,045,051 over the last 90 days. Company insiders own 8.30% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio grew its position in shares of Ligand Pharmaceuticals by 225.0% during the 2nd quarter. Strs Ohio now owns 1,300 shares of the biotechnology company’s stock valued at $157,000 after purchasing an additional 900 shares in the last quarter. First Mercantile Trust Co. lifted its holdings in shares of Ligand Pharmaceuticals by 1.6% during the 2nd quarter. First Mercantile Trust Co. now owns 1,310 shares of the biotechnology company’s stock worth $159,000 after acquiring an additional 20 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Ligand Pharmaceuticals during the 2nd quarter worth $203,000. Harbor Advisors LLC bought a new stake in shares of Ligand Pharmaceuticals during the 3rd quarter worth $204,000. Finally, Round Table Services LLC bought a new stake in shares of Ligand Pharmaceuticals during the 3rd quarter worth $205,000.

TRADEMARK VIOLATION NOTICE: “Zacks Investment Research Downgrades Ligand Pharmaceuticals (LGND) to Hold” was originally published by Sports Perspectives and is the sole property of of Sports Perspectives. If you are reading this piece on another site, it was illegally stolen and reposted in violation of international copyright and trademark law. The legal version of this piece can be viewed at https://sportsperspectives.com/2017/12/02/zacks-investment-research-downgrades-ligand-pharmaceuticals-lgnd-to-hold.html.

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.

Analyst Recommendations for Ligand Pharmaceuticals (NASDAQ:LGND)

Receive News & Ratings for Ligand Pharmaceuticals Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ligand Pharmaceuticals Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply