Ligand rebounds as Summer Street strikes upbeat tone on Kyprolis

Summer Street is out with some upbeat commentary on Ligand Pharma (LGND +2.2%) which is trading higher this morning after Thursday's weak session.

Although Carol Werther acknowledges that "LGND's EPS is dependent on royalties and milestones that are sometimes choppy and unpredictable," the analyst expects "strong Kyprolis sales as multiple myeloma patients refractory to first-line need treatment."

As for the BofA/Merrill Lynch comments that sunk the shares Thursday, Werther says "there is no evidence that the side effects reported are different from the Kyprolis label."

Price target hiked to $69 from $64.

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