Ligand Pharmaceuticals (LGND +11.2%) surges after raising its 2020 earnings and revenue guidance,
citing higher material sales of its Captisol technology stemming from
multiple recent orders for Captisol to be used with the investigational
compound remdesivir.
Ligand now sees FY 2020 EPS of $3.62, raised from
prior guidance of $3.45 and above $3.48 analyst consensus estimate, on
revenues of $133M, up from its previous outlook of $128M and above
$121.3M consensus.
Ligand says its Captisol technology “has enabled
several ground-breaking medicines, and we are now seeing partners
increase their orders in support of clinical studies of the antiviral
drug remdesivir, which is being actively assessed for the treatment of
the new strain of the coronavirus, COVID-19.”
https://seekingalpha.com/news/3546563-ligand-pharma-hikes-2020-guidance-on-higher-captisol-material-sales
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