UPDATE: Cantor Fitzgerald Reiterates Hold Rating, Raises PT on Ligand Pharmaceuticals as Key Partnered Program Advances

In a report published Tuesday, Cantor Fitzgerald analyst Irina Rivkind reiterated a Hold rating on

, and raised the price target from $43.00 to $44.00. In the report, Cantor Fitzgerald noted, “Today Merck announced its plan to continue development of its BACE inhibitor (MK-8931) for mild-to-moderate Alzheimer's Disease. Merck is conducting two trials which read out in mid-2017 and mid-2018, respectively; and may need to conduct additional clinical work to obtain FDA approval. We view this program as high risk given the failure rate in prior Alzheimer's compounds but do think that program progression removes an overhang from LGND shares and warrants some additional credit in valuation...We reiterate our HOLD rating on LGND.” Ligand Pharmaceuticals closed on Monday at $53.85.