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Fly News Breaks for July 30, 2019
Jul 30, 2019 | 12:06 EDT
H.C. Wainwright analyst Joseph Pantginis attributes the post-earnings selloff today in shares of Ligand Pharmaceuticals to the company's update on RVT-1502. As part of its quarterly update this morning, Ligand indicated its belief that development of RVT-1502 with partner Metavant in the U.S. is highly unlikely to occur for diabetes, Pantginis tells investors in a research note. The analyst believes this clarity is responsible for today's share weakness but he points out that he's already incorporated this news into his valuation. On May 3 Pantginis removed the asset from his valuation, which lowered his price target for Ligand to the current $214. However, the company's growing OmniAb "juggernaut" continues to not be valued, and is a "company and franchise unto itself," says the analyst. He reiterates a Buy rating on Ligand Pharmaceuticals.
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