H.C. Wainwright Sticks to Their Buy Rating for Ligand Pharma (LGND)

By Carrie Williams

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Ligand Pharma (LGNDResearch Report) today and set a price target of $281. The company’s shares opened today at $175.99.

Pantginis observed:

“Valuation and risks to price target achievement. We reiterate our Buy rating and $281 price target. 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 178 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 -15.5% and a 28.1% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Checkpoint Therapeutics Inc, and Strata Skin Sciences Inc.

Ligand Pharma has an analyst consensus of Strong Buy, with a price target consensus of $258, which is a 46.6% upside from current levels. In a report issued on October 29, Roth Capital also upgraded the stock to Buy with a $195 price target.

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Based on Ligand Pharma’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $73.16 million. In comparison, last year the company had a net profit of $8.43 million.

Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock. Last month, Charles Berkman, the SVP, GC & Sec of LGND bought 3,900 shares for a total of $65,462.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.