John L. LaMattina, a director at Ligand Pharmaceuticals Inc. (NASDAQ:LGND), recently executed a series of transactions involving the company's common stock. According to the latest filings, LaMattina sold a total of 2,406 shares on November 27, 2024, at an average price of $123.65 per share. This sale amounted to a total value of approximately $297,501. The transaction comes as LGND trades near its 52-week high of $129.90, with the stock showing remarkable strength, up 109% over the past year. InvestingPro analysis indicates the stock is currently fairly valued, with 13 additional exclusive insights available to subscribers.
On the same day, LaMattina also acquired 2,406 shares through the exercise of non-qualified stock options at a price of $52.30 per share. Following these transactions, LaMattina holds 29,515 shares of Ligand Pharmaceuticals.
These transactions were part of a planned strategy, as indicated by the SEC filing, and were executed in accordance with the company's stock option plan.
In other recent news, Ligand Pharmaceuticals Inc. reported a significant 58% increase in total revenue for the third quarter of 2024 compared to the same period in the previous year. The company has also raised its revenue forecast for 2024. The CEO, Todd Davis, attributes this robust growth to strong performance across royalty revenue, Captisol sales, and contract revenue. Successful product launches and FDA approvals have also contributed to Ligand's positive performance.
The company's future looks promising, with a long-term royalty revenue compound annual growth rate (CAGR) projected at over 22% and adjusted core EPS growth anticipated above 25% CAGR through 2028. Ligand also maintains a strong cash position with $220 million in cash and short-term investments.
These recent developments reflect Ligand's strategic focus on acquiring late-stage and commercial assets. The company is currently evaluating 25 potential investments, each with an average targeted investment size of $30 million to $40 million. An Investor Day is scheduled for December to provide an updated long-term outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.