Ligand Shares Hold Up in Biotech Rout While XOMA Deal Heads for Investor Vote
Ligand Pharmaceuticals shares moved higher on Tuesday. The stock outperformed biotech funds, which took a hit, as investors focused on upcoming management meetings and stayed active trading Ligand’s pending XOMA Royalty deal. The Nasdaq-listed stock was trading at $233.11 as of 12:53 p.m. EDT, up 1.4%. The SPDR S&P Biotech ETF was down 3.8% and the iShares Nasdaq Biotechnology ETF slid 3.0%. The SPY ETF, which tracks the S&P 500, edged up 0.1% and the QQQ, which follows the Nasdaq 100, added 0.4%.