Ligand Pharma (LGND) PT Lowered to $135 at H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis lowered the price target on Ligand Pharma (NASDAQ: LGND) to $135.00 (from $310.00) while maintaining a Buy rating.

The analyst commented, "Yesterday, Ligand announced that the combination between OmniAb and Avista Public Acquisition Corp. II (AHPA; not rated) was approved by a 96% shareholder vote. As planned, OmniAb is expected to begin trading on November 1 (symbol: OABI). On October 25, ahead of official OABI trading, there is going to be regular-way trading in three securities: (1) Ligand regular way; if a share of LGND is sold, the normal share and the right to receive OmniAb distribution will be sold; (2) Ligand ex-distribution (LGNDV); Ligand shareholder will only sell Ligand share and retain OmniAb distribution; and (3) OminAb when-issued trading; a market in shares of new OmniAb common stock on a when-issued basis, settling after closing date of the spin-out."

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