Benchmark Co. analyst Robert Wasserman has reiterated their bullish stance on LGND stock, giving a Buy rating on August 28.
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Robert Wasserman has given his Buy rating due to a combination of factors that highlight Ligand Pharma’s strong financial position and strategic initiatives. The company has recently completed a successful $460 million convertible bond offering, which enhances its financial flexibility and supports its royalty monetization and project finance efforts. This financial boost, along with existing cash reserves and credit facilities, positions Ligand well to expand its royalty streams and advance its numerous active pharmaceutical development programs.
Additionally, Ligand’s strategic spin-off of Pelthos Therapeutics and its investment in companies like Palvella Therapeutics and Verona Pharma have strengthened its portfolio and increased investor interest. The company’s business model as a royalty aggregator is gaining traction, especially in a market where traditional equity-raising avenues face challenges. Ligand’s recent earnings success and positive financial guidance further reinforce the Buy rating, with a new price target set at $175, reflecting potential for continued share price appreciation.
According to TipRanks, Wasserman is a 5-star analyst with an average return of 16.5% and a 47.65% success rate. Wasserman covers the Healthcare sector, focusing on stocks such as Emergent Biosolutions, Ligand Pharma, and Bio-Techne.