In a report released today, Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Ligand Pharma (LGND), with a price target of $281. The company’s shares opened today at $116.12, close to its 52-week low of $98.56.
Pantginis noted:
“Valuation and risks to price target achievement. We reiterate our Buy rating and $281 price target. Our target is based on sum of the parts including: (1) a clinical NPV model of assets in Phase 2 development or greater (currently 30 out of over 178 assets under development); and (2) NPV of current revenues based on our projections for royalties, material sales, and collaborative revenue.”
According to TipRanks.com, Pantginis has 0 stars on 0-5 star ranking scale with an average return of -23.2% and a 22.9% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Checkpoint Therapeutics Inc, and Iovance Biotherapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ligand Pharma with a $237 average price target.
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Based on Ligand Pharma’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $67.36 million. In comparison, last year the company had a GAAP net loss of $7.01 million.
Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LGND in relation to earlier this year. Earlier this month, Charles Berkman, the SVP, GC & Sec of LGND bought 2,850 shares for a total of $187,029.
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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.
