Ligand Pharmaceuticals (LGND) was Downgraded by Deutsche Bank to ” Sell” according to the research note released today. The brokerage firm has raised the Price Target to $ 110 from a previous price target of $104 . Earlier the firm had a rating of “Hold ” on the company shares. Deutsche Bank advised their investors in a research report released on Aug 5, 2016.
On the company’s financial health, Ligand Pharmaceuticals reported $0.50 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $0.53. The company had revenue of $19.50 million for the quarter, compared to analysts expectations of $18.45 million. The company’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.81 EPS.
Ligand Pharmaceuticals closed down -0.73 points or -0.55% at $132.41 with 5,36,224 shares getting traded on Thursday. Post opening the session at $133.87, the shares hit an intraday low of $131.02 and an intraday high of $136.64 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.
In a different news, on Aug 2, 2016, John W Kozarich (director) sold 1,000 shares at $137.80 per share price. According to the SEC, on May 19, 2016, Melanie J Herman (Director of Accounting) sold 334 shares at $120.50 per share price. On May 9, 2016, Jason Aryeh (director) sold 25,000 shares at $119.37 per share price, according to the Form-4 filing with the securities and exchange commission.
Ligand Pharmaceuticals Incorporated (Ligand) is a biotechnology company that operates with a business model focused on developing or acquiring revenue generating assets and coupling them with a lean corporate cost structure. The Company’s technology CAPTISOL is a formulation technology that has enabled seven United States Food and Drug Administration (FDA) approved products including Kyprolis and Noxafil-IV and is being developed in several clinical-stage partner programs. The Company is engaged in the development of product candidates indicated for the treatment of diseases such as hepatitis multiple myeloma muscle wasting Alzheimers disease dyslipidemia diabetes anemia epilepsy focal segmental glomerulosclerosis (FSGS) and osteoporosis.