Ligand’s Promacta Beats And Trends Continue Upward; Roth Capital Reiterates Buy

In a research report issued today, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on Ligand Pharmaceuticals (NASDAQ:LGND) with a $92 price target, as GSK announced 3Q14 results and LGND’s Promacta beat Roth Capital estimate, coming in at $104 million vs. $99 million.

Pantginis wrote, “We continue to be impressed with Promacta’s growth and reiterate our thesis that Novartis (NVS-NC) is poised to get a strong product as part of its oncology asset acquisition from GSK. We believe the current sentiment for some investors is based on anticipated weakness or volatility from the hepatitis C franchise as the direct antivirals continue to gain significant traction, though Promacta is targeting the sickest patients prior to therapy and Promacta’s support could help move them forward in their treatment path. While HepC volatility may be the case over the next couple of years, the Promacta franchise is bolstered by multiple indications and planned filings by Novartis. HepC represents only about ~10% of Promacta revenue, with ITP counting for ~90% of revenue.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of -11.0% and a 34.0% success rate. Pantginis has a -7.8% average return when recommending LGND, and is ranked #3327 out of 3337 analysts.

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