Oppenheimer raised the firm’s price target on Ligand (LGND) to $275 from $250 and keeps an Outperform rating on the shares. The firm notes Ligand reported total revenue of $115.5M including $46.6M from royalties, $24.5M from Zelsuvmi’s out-licensing, and a $28.6M gain on Pelthos sale. Oppenheimer is bullish on Palvella’s two value-unlocking events over next 4 months, which should provide further comfort on Qtorin’s commercial opportunity. The firm sees Qtorin as a key driver of future royalties.
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