Why Ligand Pharmaceuticals (LGND) Dipped More Than Broader Market Today
Ligand Pharmaceuticals (LGND) closed at $72.37 in the latest trading session, marking a -1.75% move from the prior day. This change lagged the S&P 500's 0.6% loss on the day. On the other hand, the Dow registered a loss of 0.17%, and the technology-centric Nasdaq decreased by 0.92%.
The drugmaker's shares have seen an increase of 0.37% over the last month, not keeping up with the Medical sector's gain of 4.52% and the S&P 500's gain of 3.56%.
The investment community will be closely monitoring the performance of Ligand Pharmaceuticals in its forthcoming earnings report. The company is scheduled to release its earnings on February 27, 2024. The company's upcoming EPS is projected at $0.58, signifying a 57.35% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $24.54 million, indicating a 51.29% downward movement from the same quarter last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Ligand Pharmaceuticals. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Ligand Pharmaceuticals presently features a Zacks Rank of #3 (Hold).
Digging into valuation, Ligand Pharmaceuticals currently has a Forward P/E ratio of 16.67. This signifies a discount in comparison to the average Forward P/E of 21.53 for its industry.
The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 94, positioning it in the top 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Ligand Pharmaceuticals Incorporated (LGND) : Free Stock Analysis Report
