Ligand Pharma (LGND) Becomes 'Value Play' as Viking (VKTX) Advances VK2809 - Roth Capital

Roth Capital affirms Ligand Pharmaceuticals (Nasdaq: LGND) at Buy with a price target of $135 following after Viking Therapeutics (Nasdaq: VKTX) announced it is moving VK2809 into a ~100 patient Phase II in the next few months for dyslipidemia fatty liver disease.

Analyst Joseph Pantginis commented, We look forward to progress out of this program, because of its broad therapeutic potential in treating both dyslipidemia and NASH. VK2809 is an oral drug, which is a thyroid receptor agonist (beta-receptor subtype). In a Phase Ib in patients with mild hypercholesterolemia the drug showed: 1) >40% LDL reduction at the highest doses, 2) significant reductions in triglycerides and, 3) significant reductions in the atherogenic protein lipoprotein-a and apolipoprotein B.

Recall Viking will also be starting a Phase II for its SARM, VK5211, in 3Q15 in patients recovering from non-elective hip fracture surgery. This ~120 patient study will test the effect of the drug on lean body mass after 12-weeks of treatment. Previous Phase I data showed significant increases in lead body mass following 21-days of treatment. The focus for Ligand remains the current growth of Promacta and Kyprolis and we look toward several pipeline news items going forward. CE-Melphalan's (Evomela) PDUFA date is October 23, 2015.

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