Ligand Pharmaceuticals (LGND) shares were up more than 7% in recent Thursday trading after the company reported higher Q3 results and raised its 2024 guidance.

Ligand posted Q3 adjusted earnings of $1.84 per diluted share, up from $1.02 a year earlier. Analysts polled by Capital IQ expected $1.35 a share.

Revenue for the quarter ended Sept. 30 was $51.8 million, compared with $32.9 million a year earlier. Analysts surveyed by Capital IQ expected $40.6 million.

Ligand said it now expects 2024 adjusted EPS to range between $5.50 and $5.70, compared with $5.00 to $5.50 previously. Analysts expect $5.39.

The firm now forecasts 2024 revenue of $160 million to $165 million, compared with $140 million to $157 million previously. Analysts expect $158.3 million.

Price: 125.40, Change: +8.50, Percent Change: +7.27