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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.