Ligand price target raised to $243 from $239 at H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis raised the firm’s price target on Ligand to $243 from $239 and keeps a Buy rating on the shares. The firm notes that Travere (TVTX) has announced that the FDA granted full approval of FILSPARI for the treatment of focal segmental glomerulosclerosis in adult and pediatric patients ages 8 and older without nephrotic syndrome. This marks the first FDA-approved therapy for this indication. Wainwright believes a key overhang was removed for Travere with Ligand (LGND) being important beneficiary. From a regulatory standpoint, it views this outcome as particularly important given prior investor sensitivity around the use of proteinuria as a surrogate endpoint. The approval reinforces the role of proteinuria in nephrology, supported by PARASOL analyses linking reductions to kidney outcomes and supportive data from DUPLEX beyond proteinuria alone, argues Wainwright.