In a report released today, Joseph Pantginis from H.C. Wainwright maintained a Buy rating on Ligand Pharma (NASDAQ: LGND), with a price target of $270. The company’s shares closed yesterday at $265.72, close to its 52-week high of $273.25.
Pantginis wrote:
“Valuation and risks to price target achievement. We maintain our Buy rating and are increasing our price target to $270 from $257. This change to our price target is driven primarily by incremental changes to the clinical NPV portion of our valuation for Ligand. We believe that we have been taking a stepwise approach to Viking’s valuation. To this end, our current valuation change is based primarily on: (1) adjustment to base year; (2) increasing our projected chance of success for (3) increasing our projected peak sales from $1.3 billion to $1.95 billion.”
According to TipRanks.com, Pantginis ‘ ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -7.3% and a 34.4% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Iovance Biotherapeutics Inc.
Currently, the analyst consensus on Ligand Pharma is a Moderate Buy with an average price target of $264, which is a -0.6% downside from current levels. In a report issued on September 11, Argus Research also maintained a Buy rating on the stock with a $300 price target.
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The company has a one-year high of $273.25 and a one-year low of $126.50. Currently, Ligand Pharma has an average volume of 339.5K.
Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock.
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Ligand Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in developing or acquiring technologies that help pharmaceutical companies discover and develop medicines. Its products include evomela, IV voriconazole, duavee, viviant/conbriza, nexterone, and noxafil-IV. The company was founded by Ronald M. Evans in 1987 and is headquartered in San Diego, CA.
