Ligand price target raised to $250 from $190 at Oppenheimer

Oppenheimer analyst Leland Gershell raised the firm’s price target on Ligand (LGND) to $250 from $190 and keeps an Outperform rating on the shares ahead of quarterly results. Filspari and Ohtuvayre sales remain key quarterly drivers, though early signals from Pelthos’ (PTHS) Zelsuvmi, and the opportunity ahead for Palvella’s (PVLA) Qtorin, may begin to factor into expectations, the firm says. Oppenheimer remains bullish on shares despite the 79% run year-to-date vs. XBI’s 24%, and believes key near-term value drivers remain underappreciated.