Ligand Pharmaceuticals Inc. (NASDAQ:LGND) partner Viking Therapeutics Inc (NASDAQ:VKTX) announced that it has priced its initial public offering of 3,000,000 shares of its common stock at an initial offering price to the public of $8.00 per share. Viking has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock at the same price to cover over-allotments, if any. Viking expects the shares to begin trading on the Nasdaq Capital Market on April 29, 2015 under the ticker symbol “VKTX”. Viking expects the offering to close on May 4, 2015, subject to the satisfaction of customary closing conditions.

Laidlaw & Company (UK) Ltd. is acting as the sole book-running manager for the offering. Feltl and Company, Inc. is serving as co-manager for the offering.

The offering is being made solely by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from Laidlaw & Company (UK) Ltd., Attention: Syndicate Department, 546 Fifth Avenue, New York, NY 10036, by telephone at (212) 953-4900 or by email at [email protected]. A registration statement relating to the securities being sold in the offering was declared effective by the Securities and Exchange Commission on April 28, 2015.

Ligand invested $9 million in the offering. Ligand will issue an additional press release once the transaction has closed. (Original Source)

Shares of Ligand Inc closed yesterday at $81.53 . LGND has a 1-year high of $90.48 and a 1-year low of $41.99. The stock’s 50-day moving average is $79.07 and its 200-day moving average is $61.13.

On the ratings front, Ligand has been the subject of a number of recent research reports. In a report issued on April 1, Deutsche Bank analyst Gregg Gilbert reiterated a Buy rating on LGND, with a price target of $94, which implies an upside of 15.3% from current levels. Separately, on March 5, Cantor Fitzgerald’s Irina Rivkind Koffler reiterated a Hold rating on the stock and has a price target of $65.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gregg Gilbert and Irina Rivkind Koffler have a total average return of 27.0% and 46.8% respectively. Gilbert has a success rate of 88.4% and is ranked #125 out of 3581 analysts, while Koffler has a success rate of 79.5% and is ranked #3.

Ligand Pharmaceuticals Incis a biopharmaceutical company with a business model that is based upon the concept of developing or acquiring royalty revenue generating assets and coupling them with a lean corporate cost structure.