Ligand Pharmaceutical cut to Sell at Cantor Fitzgerald


Ligand Pharmaceuticals (LGND -3.4%) slips this morning after Cantor Fitzgerald cuts the shares from Hold to Sell on valuation, citing caution over the company's pipeline.

Regarding Merck's BACE inhibitor - from which LGND receives royalty payments - it says management published an update indicating that it won't know if a change in a biologic marker will result in clinical improvements in the disease until 2017 at the earliest. Cantor calls Alzheimer's "a risky space," and therefore won't include estimates for BACE at this stage.

The company also noted concerns about Promacta, saying it spoke with physicians who indicated that that the drug isn't necessary for HCV patients with thrombocytopenia to receive interferon treatment, and treatment paradigms are changing.

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Comments (2)
  • 12100131
    , contributor
    Comments (20) | Send Message
     
    There goes Irina and Cantor with their craziness! Promacta revenue is up 49% compared to previous year. The physicians she is hearing the whispers from must be local voodoo doctors that she goes to- real physicians are prescribing promacta- hence the increased sales since its launch. I guess she is not worried about generic competitors now- she must have actually read the company report and realized that it has protection till 2027. The level of ignorance and inability to comprehend the Lignand buisness model has her baffled- alternatively she and her clients must have heavily shorted Ligand anticipating a miss. Fortunately for her there are enough lemmings out there willing to give up their shares.
    3 Aug 2013, 04:53 AM Reply Like
  • bberuch
    , contributor
    Comments (314) | Send Message
     
    company has good revenue streams to come from additional royalties. I hold and will continue to hold a position.
    6 Aug 2013, 07:07 AM Reply Like
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