H.C. Wainwright analyst Joseph Pantginis notes that Ligand announced the anticipated top-line results from the Phase 1 trial of CE-Iohexol, with the study meeting the primary endpoint. The analyst currently does not include CE-Iohexol in our projections, and believes it represents important long-term upside to Ligand's royalty streams. Pantginis would look to reassess its inclusion following a potential partnership and associated terms. Further, he believes that since Ligand has the financial strength, it should progress the drug even further, to likely leverage more favorable terms ahead of any commercial arrangement. The analyst has a Buy rating and $214 price target on the shares.