As previously reported, Barclays analyst Balaji Prasad upgraded Ligand to Overweight from Equal Weight as he believes greater clarity on its pipeline offers strong support for its revenue potential and he revised his revenue forecasts for FY19-FY23 due to increased royalty estimates. The analyst pointed toward the upcoming sNDA for Baxdela IV in community-acquired bacterial pneumonia and Sparsentan topline Phase 3 data in FSGS, expected in the second half of 2020, as events to watch. Additionally, new Phase 3 data on Kyprolis + Darzalex may increase overall prescription levels, said Prasad, who also sees an improved risk/reward following the stock's recent underperformance compared to the NYSE ARCA Pharma Index. Prasad raised his price target for Ligand shares to $132 from $110.