Benchmark analyst Robert Wasserman noted that Ligand (LGND) raised its financial guidance due to recent shipments of its Captisol cyclodextrin for use in clinical studies of Gilead's (GILD) antiviral drug remdesivir for the treatment of the new coronavirus, or COVID-19. Following the FDA's recent rapid review and acceptance of Gilead's IND filing for remdesivir for the treatment of COVID-19 the company has announced the initiation of two Phase 3 clinical studies for the drug to treat the new disease, noted Wasserman, who called partner Ligand a "coronavirus play in the making." He reiterates a Buy rating and $135 price target on Ligand shares.