Deutsche Bank Upgrades Ligand Pharma (LGND) to Hold
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Deutsche Bank upgraded Ligand Pharma (NASDAQ: LGND) from Sell to Hold with a price target of $105.00 (from $110.00). Analyst Gregg Gilbert said he sees more balanced risk/reward.
The analyst explained, "When we lowered our rating on LGND shares from Hold to Sell on 8/5, our call was based primarily on what we saw as challenging risk reward for the stock relative to our price target, which already factored in continued strong growth for key royalty drivers Promacta and Kyprolis, material contribution from Evomela, growth in technology deals (tied to Captisol and other platforms), and some pipeline value for future products. With the stock now trading within 10% of our new target of $105, which we lowered from $110 based on more conservative estimates for Evomela, we are moving back to a Hold rating. Key data points / pipeline events to watch for in the coming months include: 1) monthly sales for Promacta, Kyprolis, and Evomela, 2) sparsentan Phase IIb results for focal segmental glomerulosclerosis in 3Q16, 3) SAGE-547 Phase III results for super-refractory status epilepticus in 1H17, and 4) verubecestat Phase III results for Alzheimer’s disease in mid-2017."
Shares of Ligand Pharma closed at $108.04 yesterday.
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