H.C. Wainwright Thinks Ligand Pharma’s Stock is Going to Recover

By Ryan Adsit

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Ligand Pharma (LGNDResearch Report) today and set a price target of $254. The company’s shares closed yesterday at $113.35, close to its 52-week low of $98.56.

Pantginis noted:

“Valuation and risks to price target achievement. We reiterate our Buy rating and $254 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 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 0 stars on 0-5 star ranking scale with an average return of -16.6% and a 27.8% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Iovance Biotherapeutics Inc, and Checkpoint Therapeutics Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ligand Pharma with a $221.33 average price target, a 95.3% upside from current levels. In a report issued on March 7, Roth Capital also reiterated a Buy rating on the stock with a $180 price target.

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Based on Ligand Pharma’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $42.48 million. In comparison, last year the company had a GAAP net loss of $7.01 million.

Based on the recent corporate insider activity of 47 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.

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 to 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.