Ligand initiated with a Buy at Stifel

Stifel initiated coverage of Ligand (LGND) with a Buy rating and $143 price target Ligand, which provides “an important source of differentiated capital” through royalty-financing deals to mid-late stage biopharma companies looking for non-dilutive funding, holds “one of the most diversified portfolios” of royalty revenues across therapeutic areas for de-risked exposure to biopharma development, the analyst tells investors. The firm sees Ligand having growth prospects of greater than 20% through 2029 and its strategy “largely shielding itself from the classic volatility of the biopharma industry.”