H.C. Wainwright analyst Joseph Pantginis raised the price target on Ligand Pharma (NASDAQ: LGND) to $237.00 (from $214.00) while maintaining a Buy rating.

The analyst commented, "Yesterday, Ligand announced 4Q19 and 2019 financial results, posting GAAP EPS of ($0.43) and $33.13 per share, respectively, compared with our estimates of $0.32 and $32.50 per share. Recall the significant GAAP EPS gain for the year was primarily due to the $827 million sale of its stake in Promacta. Total revenue for 4Q19 and 2019 came in at $27.0 million and $120.3 million, respectively, vs. our estimates of $24.4 million and $117.7 million and consensus of $25.2 million and $118.4 million. Royalty revenue for 4Q19 and 2019 was $11.0 million and $47.0 million, respectively, vs. our estimate of $12.1 million and $48.0 million; material sales were $7.1 million and $31.5 million, respectively, vs. our estimates of $2.7 million and $27.1 million, and license and milestone revenue came in at $8.8 million and $41.8 million, respectively, vs. our estimates of $9.6 million and $42.6 million. Ligand ended 2019 with $1 billion in cash, which included $70 million generated from ongoing operations through the year (excluding Promacta sale)."