Cantor Fitzgerald Downgrades Ligand Pharma (LGND) to Hold

January 4, 2013 8:02 AM EST Send to a Friend
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Price: $48.74 -4.04%

Rating Summary:
    5 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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Cantor Fitzgerald downgraded Ligand Pharma (NASDAQ: LGND) from Buy to Hold with a price target of $23.00 (from $28.00).

The firm comments, "After attending a Hepatitis C lecture and speaking with physicians at the New York Society for Gastrointestinal Endoscopy on December 19 we are lowering our estimates on Promacta in the Hepatitis C (HCV) indication from $337M to $67.5M in 2017. Our reasons are as follows: (1) Physician awareness of Promacta in HCV is minimal a month after its approval and reimbursement is believed to be non-existent; (2) doctors indicated that low platelet levels are not a key reason for keeping very sick HCV patients off interferon treatments; (3) presenters indicated that effective non-interferon treatments are expected to be introduced in the next 2-3 years (which does not allow time for significant Promacta ramp, in our view); and (4) weekly prescription trends are not showing any significant pick-up since approval."

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

Shares of Ligand Pharma closed at $20.42 yesterday.




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