Griffin Securities Reiterates a 'Buy' on Ligand Pharma (LGND); Investors Jumped The Gun...Attractive Opportunity
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Price: $27.47 -1.72%
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade LGND Now!
Griffin Securities reiterates a 'Buy' on Ligand Pharma (NASDAQ: LGND) price target of $25.50.
Analyst, Keith A. Markey, said, "Ligand shares sold off on the June-quarter results...But we think investors were a bit hasty. Ligand books royalties on GlaxoSmithKline’s (NYSE: GSK) thrombocytopenia drug Promacta according to a tiered rate structure applied to the prior quarter’s sales (i.e. with a one-quarter lag). GlaxoSmithKline has already reported that sales for the June quarter reached $47 million, and so, Ligand will book royalties at higher rates in the remainder of the year than it did in the first half."
Markey s ays LGND's current stock price provides an attractive entry point and the rest of the year should be strong considering higher Promacta royalties, more favorable trends and Onyx's (Nasdaq: ONXX) recently approved cancer therapy Kyrpolis should begin to contribute in the months ahead.
For an analyst ratings summary and ratings history on Ligand Pharma click here. For more ratings news on Ligand Pharma click here.
Shares of Ligand Pharma closed at $16.40 yesterday, with a 52 week range of $10.50-$19.85.
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Analyst, Keith A. Markey, said, "Ligand shares sold off on the June-quarter results...But we think investors were a bit hasty. Ligand books royalties on GlaxoSmithKline’s (NYSE: GSK) thrombocytopenia drug Promacta according to a tiered rate structure applied to the prior quarter’s sales (i.e. with a one-quarter lag). GlaxoSmithKline has already reported that sales for the June quarter reached $47 million, and so, Ligand will book royalties at higher rates in the remainder of the year than it did in the first half."
Markey s ays LGND's current stock price provides an attractive entry point and the rest of the year should be strong considering higher Promacta royalties, more favorable trends and Onyx's (Nasdaq: ONXX) recently approved cancer therapy Kyrpolis should begin to contribute in the months ahead.
For an analyst ratings summary and ratings history on Ligand Pharma click here. For more ratings news on Ligand Pharma click here.
Shares of Ligand Pharma closed at $16.40 yesterday, with a 52 week range of $10.50-$19.85.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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