Roth Capital Trims PT on Ligand Pharma (LGND) to $150 Amid New Kyprolis Data (AMGN)
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The firm commented,
This is an unfortunate bump for Kyprolis. While Amgen has additional studies ongoing in the front-line setting, we believe that while product revenue will continue to grow, it could negatively impact the "slope" of the curve. Our adjusted revenue numbers for Kyprolis are below. With the negative data, Kyprolis remains in the negative perception zone for many, especially based on continuing commentary regarding the competitive landscape (Darzalex). We point to KOL feedback for the need of a proteasome inhibitor backbone and Kyprolis significantly outperformed Velcade in later treatment lines. Looking to our overall investment case for Ligand, we invoke our unchanged thesis of the company having a "buffered" downside based on negative partnered news based on 1) current core revenue streams, 2) new revenue streams just added and anticipated and 3) the sheer depth of the pipeline to spread overall risk out dramatically, in our belief.
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