Ligand Pharmaceuticals Reports Earnings; Lemelson Capital Adds To Short Position

Ligand Pharmaceuticals (NASDAQ: LGND) is trading up almost 10 percent following its earnings release and news that Lemelson Capital Management has further increased its short position in the company.

Chief Investment Officer Emmanuel Lemelson stated, "Ligand's 76 percent plunge in EPS, reported in the company's Q2 earnings release this morning, is alarming. Key revenue programs such as collaborative research and development are also continuing their multi-year slide, while stock-based compensation has reached new highs, far in excess of the company's insipid earnings."

Lemelson Capital had previously disclosed its short position and thesis in reports from June 16 and July 3. Shares had fallen nearly 17 percent prior to Monday's earnings announcement.

Shares traded recently at $53.89, up 9.8 percent.