Roth Capital Positive on Ligand Pharma (LGND) Ahead of Sept. Catalysts; Affirms at 'Buy'
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Roth Capital affirms Ligand Pharmaceuticals (Nasdaq: LGND) with a Buy rating and $149 price target today and offers to remind investors about catalysts coming up this month, which includes the
Phase IIb sparsentan data in FSGS patients being developed by partner Retrophin (Nasdaq: RTRX).
Analyst Joseph Pantginis said,
We believe that the sparsentan data will be an important driver for Ligand (9% royalty if approved) and we expect the data to be positive. We also look forward to regulatory visibility as this study could lead to accelerated approval of the drug based on the proteinuria surrogate (primary endpoint of study).
Our 3Q16 revenue estimates include: 1) $163 million for Promacta, 2) $191 million for Kyprolis and 3) $2.1 million for Evomela (first full quarter of revenue). While much of LGND's bear case remains around Kyprolis' competition, expanded labels, new geographies, upcoming Phase III data and physician commentary for the need of a proteasome inhibitor backbone, leave our thesis for the product unchanged.
The fundamental thesis for Ligand continues to improve, in our belief, based on 1) the "buffer" of its core, growing revenue streams from Promacta/Kyprolis, 2) more recent and anticipated revenue streams and 4) the broad depth of the pipeline. Second, we look for increasing traction from recently launched Evomela.
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