H.C. Wainwright Reiterates a Buy Rating on Ligand Pharma (LGND)

By Jason Carr

In a report released today, Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Ligand Pharma (LGNDResearch Report), with a price target of $254. The company’s shares closed yesterday at $120.61, close to its 52-week low of $98.56.

Pantginis commented:

“Valuation and risks to price target achievement. We reiterate our Buy rating though are lowering our price target to $254 from $281 due to removing Promacta from our projections in our NPV of current revenues. Our target is based on sum of the parts including: (1) a clinical NPV model of assets in Phase 2 development or greater (currently 30 out of over 200 assets under development); and (2) NPV of current revenues based on our projections for royalties, material sales, and collaborative revenue.”

According to TipRanks.com, Pantginis has currently no stars on a ranking scale of 0-5 stars, with an average return of -16.3% and a 27.6% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint Therapeutics Inc.

Currently, the analyst consensus on Ligand Pharma is a Moderate Buy with an average price target of $242.

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The company has a one-year high of $278.62 and a one-year low of $98.56. Currently, Ligand Pharma has an average volume of 691.1K.

Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LGND in relation to earlier this year. Most recently, in January 2019, Charles Berkman, the SVP, GC & Sec of LGND bought 2,850 shares for a total of $187,029.

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Ligand Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in developing or acquiring technologies that help pharmaceutical companies discover and develop medicines. Its products include evomela, IV voriconazole, duavee, viviant/conbriza, nexterone, and noxafil-IV. The company was founded by Ronald M. Evans in 1987 and is headquartered in San Diego, CA.