Ligand's (LGND) Duavee Will be Significant N-T Revenue Driver; CHMP Opinion is Encouraging - Roth

Roth Capital affirms Ligand Pharmaceuticals (Nasdaq: LGND) at Buy with a price target of $121.50 following news that the European CHMP issued a positive opinion for Duavee and recommended that the drug be granted marketing authorization in the EU.

Analyst Joseph Pantginis noted, We are encouraged by the CHMP's positive recommendation for Duavee, as we see the product, which is partnered with Pfizer (NYSE: PFE), as a significant contributor to near-term revenue for LGND as part of the company's successful royalty revenue business model.

In addition to Duavee contribution, we look towards the anticipated launch of CE-Melphalan in the near term. Regarding Promacta, GlaxoSmithKline (GSK-NC) and now Novartis (NVS-NC) have been throwing significant resources towards developing the drug in oncology indications (above the approved indications for ITP, HepC and SAA). Recall that Promacta was recently approved for SAA under Breakthrough Designation, the analyst noted.

For an analyst ratings summary and ratings history on Ligand Pharma click here. For more ratings news on Ligand Pharma click here.

Ligand Pharma closed at $54.13 yesterday.

You May Also Be Interested In

• Amazon.com (AMZN) PT Raised to $215 at UBS
• Ligand to Report First Quarter 2024 Financial Results on May 7, 2024
• Owens Corning (OC) PT Raised to $182 at Argus