02:12 PM EDT, 05/08/2024 (MT Newswires) -- Ligand Pharmaceuticals ( LGND ) shares were up nearly 11% in recent trading Wednesday, a day after the company's Q1 adjusted net income and revenue exceeded consensus.

The company reported Q1 adjusted earnings from continuing operations Tuesday of $3.84 per diluted share, up from $2.28 a year earlier.

Analysts polled by Capital IQ expected $0.83.

Revenue for the quarter ended March 31 was $31 million, down from $44 million a year earlier.

Analysts surveyed by Capital IQ expected $27.9 million.

Price: 81.04, Change: +7.82, Percent Change: +10.68