Argus analyst Mike Jaffe initiated Ligand Pharmaceuticals with a Buy rating and a price target of $260, saying the company is on track to generate solid earnings growth over the next several years thanks to its primary products - Promacta with use in blood clotting and Kyprolis for treatment of multiple myeloma. Jaffe adds that the company also has a "strong pipeline", with over half of its 165 programs under license currently in the clinical development or later stage. The analyst is also positive on Ligand's valuation at a PEG ratio of 1.2-times, which is "well below" the peer biotech industry average of 1.8-times.