Roth Capital Affirms Ligand Pharma (LGND) at 'Buy' Following Expanded Promacta Indication

Roth Capital affirms Ligand Pharmaceuticals (Nasdaq: LGND) with a Buy rating and $135 price target after the company's Promacta was approved by the FDA for use in pediatric cITP patients, one year and
older, for whom other treatments have failed.

Analyst Joseph Pantginis commented, This is another incremental step forward for Promacta with its continuing label expansions. We expect the next upcoming label expansion for Promacta to be E.U. approval for adult severe aplastic anemia, following CHMP's positive recommendation in July 2015. Recall that this indication was approved by the FDA in August 2014 under Breakthrough Designation. With regards to new indications for Promacta, Novartis plans to file for Promacta approvals in 1) MDS/AML associated thrombocytopenia in 2016 and 2) MDS in 2017. We believe Promacta's gradual label expansion along with its growing revenue trend, $116 million in 2Q15, are strong indicators of the drug's strong foothold in the space. We are optimistic regarding Promacta's future growth, not only driven by its current core indications but also by expansion into oncology settings. The next important milestone for Ligand is the expected approval of Evomela (PDUFA date Oct. 23rd, 2015)m licensed to Spectrum (SPPINeutral). We also look forward to potential new licensing deals, primarily for the GRA program (LGD-6972, glucagon receptor antagonist), following its successful Phase Ib study and now ready to enter Phase II.

For an analyst ratings summary and ratings history on Ligand Pharma click here. For more ratings news on Ligand Pharma click here.

You May Also Be Interested In

• AstraZeneca (AZN) Announces Voydeya Approval in EU as add-on to ravulizumab or eculizumab
• Lakeland Bancorp (LBAI) PT Lowered to $14.15 at Keefe, Bruyette & Woods
• Dynex Capital (DX) PT Lowered to $12.25 at Keefe, Bruyette & Woods