Ligand initiated with a Buy at Citi

Citi initiated coverage of Ligand (LGND) with a Buy rating and $270 price target. The firm says the company’s focus on royalties and platform out-licensing limits volatility and concentration risk. Citi believes the stock can re-rate further with data catalysts coming in the end of 2025 and 2026. Citi also added an “upside 90-day catalyst watch” on Ligand shares. It expects the company’s partner Travere Therapeutics (TVTX) to receive FDA approval on or before the upcoming action date of January 13, 2026.