Ligand Pharma (LGND) PT Raised to $93 at Cantor Fitzgerald

Cantor Fitzgerald analyst Irina Rivkind Koffler bumped her price target on Hold-rated Ligand Pharma (NASDAQ: LGND) to $93.00 (from $86.00) following model adjustments.

Koffler commented, "While we view the stock as fairly valued, we are positively biased ahead of the July 26 Kyprolis second-line label expansion PDUFA in multiple myeloma. Ligand recently raised 2Q:15 EPS guidance to $1.71-1.75 from $0.37-0.40 based on a one-time $28.2M gain from the Viking IPO (Ligand now owns 48.7% of Viking stock). The company also raised full year 2015 EPS guidance to $3.45-3.50 from $2.14-2.18 while maintaining revenue guidance of $81-83M. We are updating our model for these changes and making other revisions described below. Our valuation is based on DCF analysis."

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 $95.79 yesterday.

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