New PDUFA Date, Licensing Agreement Bode Well for Ligand Pharma (LGND); Roth Affirms at 'Buy'

Roth Capital affirms Ligand Pharma (Nasdaq: LGND) with a Buy rating and $144 price target amid news that the company has a new PDUFA data for Evomela and entered a supply agreement covering Captisol.

Analyst Joseph Pantginis commented on the events: We believe the Vireo agreement highlights the continued expansion potential and appealing profile of Captisol for multiple research and pharmaceutical purposes. We believe this agreement should contribute modestly initially for Captisol material sales. We're encouraged by the new PDUFA date for Evomela and maintain our belief that this event represents a delay in schedule to rectify production issues but nothing related to the drug's fundamental characteristics. Recall that there was an issue that arose with one of the four external vendors Spectrum uses for API and fill/finish of the product (two of the four vendors are redundant). We believe that Evomela is back on track will receive FDA approval.

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