In a research note sent to investors today, Roth Capital analyst Joseph Pantginis maintained a Buy rating on Ligand Pharmaceuticals (NASDAQ:LGND) with a price target of $116, which represents a potential upside of 111% from where the stock is currently trading. 

Pantginis noted, “With prescription trends continuing to look good for established Promacta and early Duavee, we are previewing 4Q14 results for Ligand. We project fully diluted EPS of $0.26 on $24.62 million total revenue. Looking toward 2015, we anticipate strong revenue growth from both established royalty revenue streams, recent additions and expectation for new drugs hitting the market.”

The analyst continued, “We recommend steady accumulation of LGND shares, as we anticipate that current revenue streams from partnered products and the broad “in development” portfolio are poised to drive significant growth in the near and longer term.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of 1.9% and a 47.7% success rate. Pantginis has a -2.1% average return when recommending LGND, and is ranked #1141 out of 3434 analysts.