Ligand price target raised to $277 from $275 at Oppenheimer

Oppenheimer raised the firm’s price target on Ligand (LGND) to $277 from $275 and keeps an Outperform rating on the shares. The firm notes Ligand reported Q royalty revenue of $50.5M, in line with its estimate. Ligand has currently engaged 5-10 portfolio assets, which could blossom similarly to Leona Bio/Palvella/Pelthos. More recently, Ligand shares appear to be underappreciated in their readthrough to Palvella’s recent positive Phase 3, Oppenheimer adds. The firm We believes Qtorin peak sales could surpass $3B.