Roth Capital Reiterates Buy On Ligand Pharmaceutical Following Partnership With TG
In a research note released today, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on Ligand Pharmaceutical (LGND) and a price target of $92.00 following LGND’s new partnership with TG Therapeutics (TGTX) for the IRAK4 program for inflammation and oncology.
Pantginis comments: “We believe the terms are attractive to Ligand for this preclinical stage asset and include, ~$1 million in TGTX common shares, up to $207 million in milestone payments and tiered royalties. Ligand continues to build its long term cash flow potential and we reiterate our Buy rating and $92 target”.
Pantginis also said in reference of the recent partnership between the two companies 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, which measures analysts and bloggers success rate based on how their calls perform, analyst Joseph Pantginis currently has an average return of -6.0% and a 36% success rate. Pantginis has a -8.3% average profit recommending LGND, and he is ranked #3047 out of 3125 analysts.