Cantor Fitzgerald Downgrades Ligand Pharma (LGND) to Hold
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Price: $27.38 --0%
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 3 | Down: 1 | New: 9
Rating Summary:
3 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 3 | Down: 1 | New: 9
Trade LGND Now!
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, with a 52 week range of $11.21-$21.75.
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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, with a 52 week range of $11.21-$21.75.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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