Cantor Reduces Ligand Pharmaceuticals Price Target Following 3Q14 Results

In a research report sent to investors today, Cantor analyst Irina Rivkind reiterated a Hold rating on Ligand Pharmaceuticals (NASDAQ:LGND) and reduced her share price target to $43 (from $49), following the company’s third-quarter results posting revenues of $15.0M (+15.1% Y/Y) and adjusted non-GAAP EPS of $0.36 relative to FactSet consensus of $14.6M and $0.31, respectively.

Koffler noted, “Ahead of the quarter, mgmt. pre-announced approximate revenues of $15.0M and non-GAAP EPS of $0.33-0.37. Despite raising our peak Promacta estimates from $610M to $631M in 2020, we are lowering our PT to $43 from $49 after updating cash and debt assumptions in the DCF, maintaining the 21M share count and modeling in $1.8M in annual cash interest expense. We maintain our HOLD rating because we believe that the company could identify additional revenue sources with its new balance sheet via M&A which could help support the stock.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Irina Rivkind Koffler has a total average return of 13.2% and a 61.6% success rate. Rivkind Koffler has a -6.9% average return when recommending LGND, and is ranked #187 out of 3349 analysts.

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