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Ligand Pharmaceuticals Inc. (NASDAQ: 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.
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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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.