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Fly News Breaks for March 6, 2019
LGND
Mar 6, 2019 | 07:20 EDT
H.C. Wainwright analyst Joseph Pantginis lowered his price target for Ligand Pharmaceuticals to $254 after the company announced the sale of its royalty stake in Promacta to Royalty Pharma for $827M in cash. The analyst, however, sees important strategic reasons why management decided to conduct this transaction. Ligand is monetizing a disproportionately large asset before losing value due to patent expirations and increasing competition, Pantginis tells investors in a research note. He keeps a Buy rating on Ligand.
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