Ligand price target raised to $255 from $230 at Stifel

Stifel raised the firm’s price target on Ligand (LGND) to $255 from $230 and keeps a Buy rating on the shares after the company agreed to acquire Xoma (XOMA) for $39 per share in cash. The acquisition effectively doubles the size of Ligand’s royalty portfolio and brings immediate accretion, increasing 2026 guidance by $25M in royalty revenues and adjusted core EPS by 50c per share, the analyst tells investors in a research note. The firm added that Ligand is maintaining its capital flexibility.