UPDATE: Cantor Fitzgerald Raises PT on Ligand Pharmaceuticals on Announced Spectrum Partnership
In a report published Monday, Cantor Fitzgerald analyst Irina Rivkind reiterated a Hold rating on Ligand Pharmaceuticals (NASDAQ: LGND), and raised the price target from $23.00 to $26.00.
In the report, Rivkind noted, “On March 14 the company announced its license and global supply agreement with Spectrum Pharmaceuticals on Captisol-enabled Melphalan for the treatment of multiple myeloma. Ligand received a $3M upfront payment and negotiated a healthy double-digit royalty (we estimate 20%) in addition to $50M in milestones that will be based on multiple regulatory and commercial events such as NDA acceptance, FDA approval, and launch. Spectrum is also taking over development costs, effective immediately.”
Ligand Pharmaceuticals closed on Friday at $23.27.
Latest Ratings for LGND
|Dec 2014||Deutsche Bank||Initiates Coverage on||Buy|
|Jul 2014||Empire Asset Management||Initiates Coverage on||Sell|
|Mar 2014||Brinson Patrick||Initiates Coverage on||Outperform|
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