Ligand Pharma (LGND) Announces FDA CRL for Evomela's NDA; Roth Capital Reiterates Buy

Roth Capital maintained a Buy rating on Ligand Pharma (NASDAQ: LGND), and cut the price target to $138.00 (from $140.00), following the company's announced FDA Complete Response Letter (CRL) for Evomela's NDA.

Analyst Joseph Pantginis commented, "FDA issues CRL to Spectrum's (SPPI-NC) Evomela. SPPI indicated that CRL did not indicate any clinical deficiency and will meet with FDA for clarity. We believe that negative impact to Ligand based on partnered product news is buffered based on the quality of current revenue streams (led by Promacta and Kyprolis), anticipated new revenue streams, and depth of pipeline products. Reiterate Buy; target tweaked to $138 from $140."

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 $87.10 yesterday.

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