Deutsche Bank Downgrades Ligand Pharmaceuticals to Sell

Brokerage firm Deutsche Bank Downgrades its rating on Ligand Pharmaceuticals(NASDAQ:LGND). The shares have been rated Sell. Previously, the analysts had a Hold rating on the shares. The rating by Deutsche Bank was issued on Aug 5, 2016.

Ligand Pharmaceuticals (LGND) shares turned negative on Wednesdays trading session with the shares closing down -2.33 points or -2.10% at a volume of 4,33,132. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $111.31. The peak price level was also seen at $111.31 while the days lowest was $107.29. Finally the shares closed at $108.59. The 52-week high of the shares is $139.79 while the 52-week low is $71.63. According to the latest information available, the market cap of the company is $2,265 M.

Ligand Pharmaceuticals(LGND) last announced its earnings results on Aug 4, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $19.52M. Analysts had an estimated revenue of $18.12M. Earnings per share were $0.50. Analysts had estimated an EPS of $0.40.

Several Insider Transactions has been reported to the SEC. On Aug 2, 2016, John W Kozarich (director) sold 1,000 shares at $137.80 per share price.Also, 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 Alzheimer’s disease dyslipidemia diabetes anemia epilepsy focal segmental glomerulosclerosis (FSGS) and osteoporosis.

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