Ligand to participate in a conference call with Benchmark » 13:0109/2709/27/22
Bioprocessing & Life…
Bioprocessing & Life Sciences Analyst Wasserman holds a conference call with CEO Higgins, COO & Co-CFO Korenberg and Co-CFO Espinozad on October 4 at 12 pm hosted by Benchmark.
|Over a week ago|
Sermonix Pharmaceuticals announces results of Phase 2 study of lasofoxifene » 09:0509/1309/13/22
Sermonix Pharmaceuticals announced results of its signal-seeking Evaluation of Lasofoxifene in ESR1 Mutations Phase 2 study. The results were initially shared Sept. 10 during a late-breaking oral presentation at the European Society for Medical Oncology Congress 2022 in Paris. The open-label ELAINE 1 study began U.S. enrollment in September 2019, assessing the efficacy and safety of oral lasofoxifene versus intramuscular fulvestrant, a selective estrogen receptor degrader, in 103 patients. All participants were post-CDK4/6 inhibitor/aromatase inhibitor therapy and had an ESR1 mutation. Progression-free survival was the primary endpoint. Top-line data included: Median progression-free survival was 6.04 mos. for lasofoxifene vs. 4.04 mos. for fulvestrant. Clinical benefit rate was 36.5% for lasofoxifene vs. 21.6% for fulvestrant. CBR is defined as the percentage of all subjects with a complete or partial response; or stable disease for greater than/= 24 weeks. Objective response rate was 13.2% for lasofoxifene vs. 2.9% for fulvestrant, with 1 confirmed complete response and 4 confirmed partial responses in the lasofoxifene arm vs. 1 PR in the fulvestrant arm. PFS was numerically and consistently greater with lasofoxifene vs. fulvestrant when visceral metastasis and/or Y537S ESR1 mutation subgroups were analyzed. While not reaching statistical significance in this 103-patient study, all endpoints numerically favored lasofoxifene. Exploratory endpoints included: PFS at 6 mos. for lasofoxifene was 53.4% vs. 37.9% for fulvestrant; PFS at 12 mos. was 30.7% for lasofoxifene vs. 14.1% for fulvestrant. Clearance of ctDNA also favored lasofoxifene over fulvestrant. Most common adverse events were fatigue, nausea, arthralgias and hot flashes; most were Grade 1/2. No thrombotic events occurred. "Sermonix is pleased with the outcomes reported in our ELAINE 1 trial comparing lasofoxifene with fulvestrant, suggesting lasofoxifene's anti-tumor activity and potential to play a critical role in the targeted precision medicine treatment of ESR1-mutated advanced ER+ breast cancer," said Dr. David Portman, Sermonix founder and chief executive officer. "Lasofoxifene following endocrine/CDK4/6 inhibitor therapies continues to be studied and we anticipate efficacy will be confirmed in a larger clinical study. Sermonix is planning a Phase 3 registrational combination study based on these results as well as encouraging efficacy and safety demonstrated in the ELAINE 2 study of lasofoxifene and abemaciclib reported at this year's ASCO annual meeting." Lasofoxifene is an investigational, nonsteroidal selective estrogen receptor modulator (SERM), which Sermonix licensed globally from Ligand Pharmaceuticals.
Ligand price target lowered to $175 from $185 at Roth Capital » 09:3009/0209/02/22
Roth Capital analyst…
Roth Capital analyst Scott Henry lowered the firm's price target on Ligand to $175 from $185 and keeps a Buy rating on the shares following the company's Q2 earnings report, which the analyst felt was "above expectations" and included raised FY22 guidance. The analyst said he lowered Ligand's price target to account for "sector multiple contraction."
|Over a month ago|
Ligand: Janssen Biotech receives marketing authorization from EC for TECVAYLI » 17:0408/2408/24/22
LGND, JNJ, AHPA
Ligand Pharmaceuticals (LGND) announced that the Janssen Biotech (JNJ) received conditional marketing authorization from the European Commission for TECVAYLI as monotherapy for the treatment of patients with relapsed or refractory multiple myeloma. Teclistamab is a T-cell redirecting, bispecific antibody targeting both B-cell maturation antigen and CD3 that was discovered by Janssen scientists using OmniAb's OmniRat antibody discovery technology. Under the terms of the licensing agreement with an affiliate of Janssen, OmniAb is eligible to receive a $10M milestone payment upon the first commercial sale of teclistamab in the United Kingdom, Italy, Germany, France, or Spain. Ligand's previously announced spin-off of OmniAb and merger with Avista Public Acquisition Corp. II (AHPA), remains on track to close in the fourth quarter. Under the terms of the separation and distribution agreement between Ligand and OmniAb, the milestone payments related to the first commercial sale of TECVAYLI will remain with the OmniAb business regardless of timing and achievement of the milestone and the timing of the merger closing. The license agreement between OmniAb and CNA Development LLC does not include royalty payments, and OmniAb will not receive royalties on sales of TECVAYLI.
Ligand boosts FY22 revenue view for combined business » 16:0308/0808/08/22
Ligand is raising 2022…
Ligand is raising 2022 revenue guidance for the combined business and is reaffirming revenue estimated to be attributable to the OmniAb business anticipating the spin-off occurs later this year. Ligand expects 2022 royalties of $62 million to $66 million, Captisol sales of $55 million to $60 million and contract revenue of $52 million to $62 million. These revenue components result in total revenue of $169 million to $188 million for the combined business. Ligand expects that $35 million to $45 million of revenue will be attributable to OmniAb, principally in the contract revenue line. Of the $55 million to $60 million of expected Captisol sales, Ligand expects approximately $17 million to $19 million to be attributable to core Captisol sales, and the balance to be attributable to treatments for COVID-19. Excluding OmniAb revenue and COVID-related Captisol sales, Ligand expects revenue to be $97 million to $104 million and adjusted earnings per diluted share to be $1.80 to $2.05. Ligand expects the contribution from COVID-related Captisol and the OmniAb business to be between $0.60 and $0.95 per diluted share, resulting in a combined company adjusted earnings per diluted share of $2.40 to $3.00. EPS consensus is $1.99, revenue consensus is $162.86M.
Ligand reports Q2 adjusted EPS $1.03, consensus 43c » 16:0208/0808/08/22
Reports Q2 revenue…
Reports Q2 revenue $57.4M, consensus $37.73M. "2022 continues to be an outstanding year for Ligand, in particular as royalties from our Pelican Expression Technology platform grow into meaningful revenue contributors," said John Higgins, CEO of Ligand. "The business is enjoying good momentum with numerous positive late-stage developments announced by our partners this past quarter. Financially, the business is doing very well, and we are solidly positioned to spin-off the expanding OmniAb business through a distribution to shareholders and merger with the Avista SPAC expected to close in the fourth quarter of this year."
Ligand price target lowered to $157 from $165 at Barclays » 06:2107/0507/05/22
Barclays analyst Balaji…
Barclays analyst Balaji Prasad lowered the firm's price target on Ligand Pharmaceuticals to $157 from $165 and keeps an Overweight rating on the shares.
|Over a quarter ago|
Ligand initiated with an Outperform at BMO Capital » 16:1906/1606/16/22
BMO Capital analyst…
BMO Capital analyst Kostas Biliouris initiated coverage of Ligand with an Outperform rating and $77 price target, also naming the stock his Top Pick. The analyst contends that commercialization of Carvykti in Multiple Myeloma as a "best-in- class late-line CAR T therapy" is expected to confer a significant revenue stream, providing downside protection for the stock. Biliouris further expects the continuous expansion of Carvykti addressable population through approvals in earlier lines and ex-U.S. regions to fuel additional growth, driving long-term value.
Ligand price target lowered to $160 from $215 at Craig-Hallum » 08:5305/0505/05/22
Craig-Hallum analyst Matt…
Craig-Hallum analyst Matt Hewitt lowered the firm's price target on Ligand to $160 from $215 and keeps a Buy rating on the shares. Similar to last quarter, the analyst's focus coming out of Ligand's Q1 earnings report - which was better-than-expected - is the company's plan to spin off its OmniAb business as he sees this as the biggest potential catalyst for the stock.
Ligand reports Q1 adjusted EPS 76c, consensus 66c » 16:0705/0405/04/22
Reports Q1 revenue…
Reports Q1 revenue $45.693M, consensus $36.32M. "2022 is off to a strong start with solid financial performance from our growing roster of royalty-bearing products and great execution from all our core technology platforms," said John Higgins, CEO of Ligand. "We are excited about the potential growth of our business in the years to come as several recently approved products are launched and our portfolio of late-stage programs continue to advance. In addition to our financial performance, the announced separation of our OmniAb antibody discovery business is well underway with the merger with the Avista SPAC expected to close this year."