Roth Capital Affirms Ligand Pharma (LGND) at 'Buy' Following Initiation of LGD-6972 Phase 2 in T2D
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Roth Capital affirms Ligand Pharmaceuticals (Nasdaq: LGND) at Buy with a price target of $151 after the company announced the initiation of a Phase 2 clinical trial with the Company’s glucagon receptor antagonist LGD-6972 for the treatment of type 2 diabetes mellitus (T2DM).
Analyst Joseph Pantginis commented today:
This study initiation is an important event for LGND, in our belief. It represents a new category of potential value drivers for the company. Since the company now has the financial resources, in can selectively move assets through a further stage of development. This should result in added de-risking of the program which could yield higher economic value to the company when/if outlicensed. At ADA 2015, LGND presented impressive data (in our belief) from a Phase Ib multiple ascending dose (MAD) data for LGD-6972. The detailed data are shown below, but this was a randomized, double-blind, placebocontrolled study where both healthy volunteers and type 2 diabetic patients saw increasing doses of the drug with a 14-day dosing period. Three doses were tested, 5, 10 and 15 mg and pharmacokinetic data support once per day dosing. 14-day data show a safe and well tolerated profile and importantly, no SAEs or treatment discontinuation. From an efficacy standpoint, '6972 lowered fasting plasma glucose throughout the 14-day period in a dose dependent fashion.
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