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(RTTNews) – Shares of Ligand Pharmaceuticals Inc. (LGND) gained 5% during extended trading hours Tuesday after the company’s third-quarter earnings and earnings beat Wall Street estimates. The company also reaffirmed its outlook for the full year.
Third quarter net income was $ 13.7 million or $ 0.80 per share, compared with a net loss of $ 6.7 million or $ 0.42 per share last year.
On an adjusted basis, net income was $ 27.1 million or $ 1.58 per share, compared to $ 17.5 million or $ 1.04 per share last year.
Third quarter revenue reached $ 64.8 million from $ 41.8 million last year.
Analysts polled by Thomson Reuters expected earnings of $ 1.04 per share on revenue of $ 55.65 million for the quarter. Analysts’ estimates generally exclude one-time items.
Ligand reaffirmed its financial guidance for 2021. Ligand continues to expect total revenue for the year 2021 to be between $ 265 million and $ 275 million, and adjusted profit between 5.80 and 6, 05 dollars per share. Analysts currently estimate earnings of $ 5.93 per share on revenue of $ 270.82 million for the full year.
LGND closed Tuesday’s trading at $ 151.88, down $ 1.94 or 1.26%, on the Nasdaq. The stock, however, gained $ 8.12 or 5.35% in after-hours trading.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
