LGND Reports Earnings, Rev. Lemelson adds to Short Position

Ligand Pharmaceuticals LGND, which had been trading sharply higher post earnings today, fell nearly 1.5 percent off the highs following an announcement by Lemelson Capital Management that it has further increased its short position in the company. Chief Investment Officer Emmanuel Lemelson of Lemelson Capital Management's 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, 2014 and also July 3, 2014. The shares, which are still up 9 percent today, had fallen nearly 17 percent prior to today's earnings announcement.