Ligand price target raised to $162 from $145 at Oppenheimer

Oppenheimer analyst Leland Gershell raised the firm’s price target on Ligand (LGND) to $162 from $145 and keeps an Outperform rating on the shares after hosting virtual non-deal roadshows early this week with the company’s management. Investors were broadly bulled-up on recent developments and management’s conservative forecasts for its current royalty portfolio. CEO Todd Davis highlighted a few key wins that demonstrate Ligand’s aptitude, such as its initial investment in Ohtuvayre royalties, its recent incubation and spin of Pelthos and Palvella, and Qarziba’s $20M-plus annualized royalty for $100M.