Roth Capital Affirms Ligand Pharma (LGND) at 'Buy' Following Presentation of New Phase 2 DUET Data (RTRX)
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Roth Capital affirms Ligand Pharmaceuticals (Nasdaq: LGND) at Buy with a price target of $154 after Retrophin (Nasdaq: RTRX) announced additional results from the Phase 2 DUET study of sparsentan for the treatment of focal segmental glomerulosclerosis (FSGS).
Analyst Joseph Pantginis commented today,
We believe the additional sparsentan data this weekend continue to build the fundamental case for the asset. Recall LGND is entitled to a 9% royalty on potential sales. We also believe that these data will help drive a positive discussion with the FDA in Jan. 2017 based on both the orphan nature of the disease and the unmet medical need. Sparsentan is one of LGND's "Big Six" assets and should represent a major inflection point, in our belief, for the company's royalty streams.
We continue to be impressed with Ligand's growth model, supported primarily by 1) core existing royalty streams led by Promacta and Kyprolis, 2) anticipated new revenue streams in the relative near term (Carnexiv) and 3) long term pipeline potential stemming from internal products, partnerships and technology platform acquisitions. Internally, the company continues to be opportunistic on acquisitions but is not required for the business to grow. The LGD-6972 Phase II is also ongoing now at 30 sites and data are expected in 2H17 at which point we expect Ligand to partner the product.
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