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Ligand Pharma (LGND) Target Raised to $69 at Summer Street

November 22, 2013 9:25 AM EST Send to a Friend
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Price: $51.45 --0%

Rating Summary:
    5 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 1
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Summer Street maintained a Buy rating on Ligand Pharma (NASDAQ: LGND) and raised its price target to $69.00 (from $64.00). Analyst Carol Werther expects continued robust Kyprolis sales.

"We continue to expect strong Kyprolis sales as multiple myeloma (MM) patients refractory to first-line treatments need treatment. There is no evidence that the side effects reported are different from the Kyprolis label. We have adjusted our model to reflect last week's guidance and are raising our YE14 price target to
$69.00 from $64.00," said Wether.

"LGND is cash-flow positive and profitable this year. Our estimates may be conservative, as LGND's EPS is dependent on royalties and milestones that are sometimes choppy and unpredictable. Nevertheless, we are confident the company will remain profitable and deliver strong revenue and EPS growth," she added

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 $51.99 yesterday.




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