Ligand Pharmaceuticals (NASDAQ: LGND) saw its stock price plummet by 5.06% in the pre-market trading session on Monday, March 3rd, 2025.
The drop in Ligand's share price can be attributed to the company's recently reported 2024 financial results and its acquisition of a royalty stake in Castle Creek Biosciences, a gene therapy company targeting a rare skin disease.
While Ligand reported a 27% increase in revenues and a 41% rise in adjusted earnings per share for 2024, the company's financial performance seems to have failed to meet investors' expectations. The company's guidance for 2025, projecting low-teens revenue growth and earnings per share of $6.00 to $6.25, also appears to have disappointed the market.
Additionally, Ligand's announcement of its participation in a $75 million royalty financing deal for Castle Creek Biosciences, aimed at supporting the latter's Phase III study of a gene therapy candidate for dystrophic epidermolysis bullosa (DEB), a rare skin disorder, has likely raised concerns among investors regarding the potential risks and returns associated with this investment.
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