Ligand Pharmaceuticals (NASDAQ:LGND) issued its earnings results on Monday. The biotechnology company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.24, Briefing.com reports. Ligand Pharmaceuticals had a positive return on equity of 3.68% and a negative net margin of 55.63%. The company had revenue of $41.40 million for the quarter, compared to the consensus estimate of $29.96 million. During the same quarter last year, the company earned $0.68 EPS. The firm’s quarterly revenue was up 65.6% on a year-over-year basis. Ligand Pharmaceuticals updated its FY 2020
Pre-Market guidance to 4.10-4.10 EPS and its FY20 guidance to ~$4.10 EPS.
NASDAQ:LGND traded down $4.03 during mid-day trading on Monday, hitting $113.15. 14,656 shares of the company’s stock traded hands, compared to its average volume of 225,777. The company has a fifty day moving average of $115.59 and a 200 day moving average of $99.38. Ligand Pharmaceuticals has a twelve month low of $57.24 and a twelve month high of $127.80. The company has a market capitalization of $1.82 billion, a P/E ratio of -34.06, a P/E/G ratio of 2.97 and a beta of 1.62. The company has a debt-to-equity ratio of 0.69, a quick ratio of 40.29 and a current ratio of 40.65.
In other news, SVP Charles S. Berkman sold 11,146 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $118.59, for a total value of $1,321,804.14. Following the transaction, the senior vice president now directly owns 40,877 shares of the company’s stock, valued at $4,847,603.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 10.20% of the company’s stock.
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LGND has been the topic of a number of research reports. ValuEngine downgraded Ligand Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, May 11th. BidaskClub raised Ligand Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday. HC Wainwright reaffirmed a “buy” rating and issued a $229.00 price objective on shares of Ligand Pharmaceuticals in a research note on Monday, June 15th. Benchmark lifted their price objective on Ligand Pharmaceuticals from $135.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Finally, Zacks Investment Research downgraded Ligand Pharmaceuticals from a “strong-buy” rating to a “hold” rating and set a $131.00 price objective on the stock. in a research note on Tuesday, July 7th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $165.40.
About Ligand Pharmaceuticals
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; Aziyo portfolio of 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.
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6 Stocks That Will Benefit From a Dovish Federal Reserve
The quaint correction that was labeled the “tech wreck” of 2018 seems like a distant memory to investors. What also seems like a distant memory is any thought of the Federal Reserve raising interest rates.
At the end of 2018, the Federal Reserve had raised its benchmark federal funds rate. With the trade dispute with China dragging on, there was increasing pressure on the Fed to lower interest rates. When interest rates are lower, stocks will generally rise as investors have no other option for growth.
In July 2019, the doves got their wish. But in a move that now seems to be a “what did they know move”, the Fed dropped rates again in October. The market soared to record highs in January and early February. Since mid-February however, the market has fallen dramatically, and the Fed juiced the market one more time by cutting rates down to levels not seen since the financial crisis.
None of us know for sure when the U.S. economy will be opened up. And while stocks are still a good investment, not every stock is a smart investment at this time. But some stocks perform well when interest rates are falling and that’s why we’ve prepared this presentation.
These six stocks stand to benefit from both low-interest rates and the unique economic conditions being brought on by the Covid-19 pandemic.
View the “6 Stocks That Will Benefit From a Dovish Federal Reserve”.
