Ligand Pharmaceuticals Inc. Shares Gain On Q3 Pre-Announcement

Ligand Pharmaceuticals Inc. LGND ticked up Wednesday after the company said third-quarter results will be better than expected.

The San Diego drug maker's shares are down nearly 30 percent in the past three months, but ticked up 2 percent early Wednesday to $43.81 a piece.

The company boosted its third-quarter outlook Wednesday and now sees adjusted earnings for the period of $0.33 and $0.37 per share, on revenue of $15 million.

Previously, the company forecast earnings of $0.26 and $0.29 per share on revenue of $13 million to $14 million.

Wall Street expects earnings of $0.32 per share, on revenue of $14.21 million, when the company posts results October 27.

Ligand also forecast fourth-quarter revenue of $22.5 million and $24.5 million, versus the current Wall Street consensus of $23.54 million.

The company reiterated 2014 guidance calling for adjusted earnings of $1.50 and $1.55 per share, on revenue of $64 million and $66 million.

Analysts expect 2014 earnings of $1.55 per share on revenue of $64.22 million.

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