Ligand Pharmaceuticals Inc. (LGND) Downgraded by Zacks Investment Research
Ligand Pharmaceuticals Inc. (NASDAQ:LGND) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Ligand’s Captisol formulation technology has resulted in partnerships with several leading healthcare companies like Novartis and Amgen that provide it with funds in the form of milestone and royalty payments. The company’s heavy dependence on its partnerships remains a matter of concern. If any of the company’s partners fails to receive regulatory approval or terminates a deal, Ligand’s future prospects would be severely hampered. Moreover, Ligand derives a substantial portion of its revenues from royalties associated with the sales of two products – Promacta and Kyprolis. Any setback related to either of these two products could have a substantial impact on the company’s operating results. However, Ligand continues to work on expanding its portfolio and the CorMatrix deal represents the company’s entry into the medical devices segment. We are also positive on the OMT acquisition.”
Several other equities analysts also recently commented on LGND. Roth Capital reiterated a “buy” rating and set a $149.00 price target on shares of Ligand Pharmaceuticals in a report on Sunday, August 14th. Deutsche Bank AG upgraded shares of Ligand Pharmaceuticals from a “sell” rating to a “hold” rating and cut their price target for the company from $110.00 to $105.00 in a report on Wednesday, September 7th. They noted that the move was a valuation call. Finally, Vetr upgraded shares of Ligand Pharmaceuticals from a “buy” rating to a “strong-buy” rating and set a $128.29 price target on the stock in a report on Wednesday, August 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $136.33.
Ligand Pharmaceuticals (NASDAQ:LGND) traded up 0.30% during trading on Tuesday, hitting $102.12. 84,161 shares of the stock traded hands. The firm has a 50-day moving average price of $109.12 and a 200 day moving average price of $117.21. Ligand Pharmaceuticals has a 12 month low of $81.79 and a 12 month high of $139.79. The firm has a market cap of $2.13 billion, a PE ratio of 9.63 and a beta of 1.23.
Ligand Pharmaceuticals (NASDAQ:LGND) last posted its earnings results on Thursday, August 4th. The biotechnology company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.10. Ligand Pharmaceuticals had a net margin of 263.14% and a return on equity of 11.64%. The firm had revenue of $19.50 million for the quarter, compared to the consensus estimate of $18.12 million. During the same period in the previous year, the firm posted $1.81 EPS. The business’s quarterly revenue was up 6.0% on a year-over-year basis. On average, equities analysts forecast that Ligand Pharmaceuticals will post $3.45 EPS for the current fiscal year.
In other news, Director John W. Kozarich sold 1,666 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $105.40, for a total value of $175,596.40. Following the completion of the sale, the director now owns 40,783 shares of the company’s stock, valued at approximately $4,298,528.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John W. Kozarich sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $137.57, for a total transaction of $137,570.00. Following the completion of the sale, the director now directly owns 41,783 shares of the company’s stock, valued at approximately $5,748,087.31. The disclosure for this sale can be found here. 14.70% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Ligand Pharmaceuticals by 8.0% in the second quarter. Vanguard Group Inc. now owns 1,515,814 shares of the biotechnology company’s stock valued at $180,790,000 after buying an additional 111,807 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Ligand Pharmaceuticals by 6.5% in the second quarter. BlackRock Fund Advisors now owns 1,466,467 shares of the biotechnology company’s stock valued at $174,906,000 after buying an additional 89,463 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Ligand Pharmaceuticals by 2.1% in the second quarter. William Blair Investment Management LLC now owns 1,255,277 shares of the biotechnology company’s stock valued at $149,717,000 after buying an additional 25,825 shares during the last quarter. FMR LLC boosted its stake in shares of Ligand Pharmaceuticals by 8.2% in the second quarter. FMR LLC now owns 1,055,463 shares of the biotechnology company’s stock valued at $125,885,000 after buying an additional 80,200 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Ligand Pharmaceuticals by 5.3% in the second quarter. State Street Corp now owns 737,003 shares of the biotechnology company’s stock valued at $87,904,000 after buying an additional 37,215 shares during the last quarter.
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 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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