Ligand Pharmaceuticals (NASDAQ:LGND) stock skyrocketed earlier this year. However, the short squeeze that fueled those massive gains is now over. That means that Ligand probably needs a more conventional catalyst to go on another run.
The company announced its first-quarter results after the market closed on Monday. Don't expect those results to provide the catalyst investors wanted. The biotech stock fell more than 6% in after-hours trading. Here are the highlights from Ligand's Q1 update.