MLV & Co Affirms Ligand Pharmaceuticals Buy, $30 PT

MLV & Co affirms its Buy rating and $30 price target on Ligand Pharmaceuticals LGND following the company's earnings results in a research report out today. In the report, MLV & Co writes, "On February 8, after market close, LGND reported a net gain in 4Q:11 of $4.8M and EPS of $0.24. Total revenues in the quarter were $12.9M, due mostly to a (nonrecurring) 70% increase in material sales driven, in part, by 4Q:11 Captisol® license and supply agreements with SAGE Therapeutics, Eli Lilly & Co (LLY, Not Covered) and Hospira (HSP, Not Covered)." Shares of Ligand Pharmaceuticals closed today at $14.27, up 2.44% from yesterday's market close.