Thinly traded Ligand Pharmaceuticals (LGND -10.7%) slumps on more than double normal volume, albeit on turnover of only 867K shares, following its Q2 earnings release and conference call earlier today.
Results were above expectations although revenues were down 72% and net loss widened.
Management apparently spooked investors during the call after stating that development of RVT-1502 for diabetes is unlikely to continue considering the FDA’s requirements for preclinical and clinical data for glucagon receptor antagonists aimed at long-term use.
The company also updated on its OmniAb platform, saying that over 35 partners are conducting over 170 discovery campaigns but added that not all signed contracts are active, including Celgene in light of the Bristol-Myers Squibb merger.
Previously: Ligand Pharmaceuticals EPS beats by $0.02, beats on revenue(July 30)
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