Cantor Fitzgerald Reiterate Hold Following Ligand Pharma's (LGND) Strong Q1
Cantor Fitzgerald reiterate a Hold rating on Ligand Pharma (NASDAQ: LGND), and raise the price target to $86.00 (from $82.00), following a strong 1Q. LGND reported revenues of $14.6M, and an adjusted non-GAAP EPS of $0.33. Coming out ahead of FactSet consensus of $13.5M revenue and $0.27 EPS. LGND also introduced 2Q:15 guidance of $0.37-0.40 EPS, and $17.0-17.5M in revenue which came in above consensus expectations of $16.4M.
Cantor Fitzgerald analyst, Irina Koffler, commented on their views for LGND, saying, "We are raising our price target by four dollars to credit the company for royalties associated with a single Phase I asset from its newly acquired Selexis portfolio (for $4M), operational leverage, and cash on the balance sheet."
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Shares of Ligand Pharma closed at $84.14 yesterday.