Ligand Pharmaceuticals Inc. (NASDAQ:LGND) announces it has entered into a global license and supply agreement with Sanofi SA (ADR) (NYSE:SNY) to utilize Captisol in the development and commercialization of SAR-125844, a potent MET kinase inhibitor. Under the terms of the license, Ligand will be eligible to receive potential milestone payments, royalties on future net sales and revenue from Captisol material sales. Sanofi will be responsible for all costs related to the program.
“This represents the progression and expansion of our relationship with Sanofi as they continue to make progress on SAR-125844, a novel, selective MET kinase inhibitor,” commented John Higgins, President and Chief Executive Officer of Ligand. “Captisol continues to bring significant value to our partners’ programs and shows great promise in enabling compounds in oncology, CNS, anti-infectives and many other therapy areas.” (Original Source)
Shares of Ligand Pharmaceuticals Inc closed yesterday at $106.86 . LGND has a 1-year high of $107.71 and a 1-year low of $41.99. The stock’s 50-day moving average is $99.65 and its 200-day moving average is $79.57.
On the ratings front, Ligand Pharmaceuticals has been the subject of a number of recent research reports. In a report released yesterday, Roth Capital analyst Joseph Pantginis maintained a Buy rating on LGND, with a price target of $135, which implies an upside of 26.3% from current levels. Separately, on June 19, Cantor Fitzgerald’s Irina Rivkind Koffler reiterated a Hold rating on the stock and has a price target of $93.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Pantginis and Irina Rivkind Koffler have a total average return of 5.7% and 53.9% respectively. Pantginis has a success rate of 47.1% and is ranked #520 out of 3718 analysts, while Koffler has a success rate of 68.8% 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.