Citi resumes Ligand coverage with buy rating after XOMA Royalty acquisition

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Summary · why it matters

Citi has resumed coverage of Ligand Pharmaceuticals with a buy rating, citing the company's acquisition of XOMA Royalty. The deal, valued at $739 million in equity, closed earlier in July and adds a significant number of late-stage assets along with a steady royalty stream. The bank set a price target of $387, implying a roughly 32% return based on the July 20 close. Analyst Yigal Nochomovitz noted that Ligand could significantly benefit from a contingent value right related to Johnson & Johnson's Tremfya once ongoing litigation is resolved, and will also gain from Xoma's key commercial drivers including Roche unit Genentech's Vabysmo, Day One Biopharmaceuticals' Ojemda, and Zevra Therapeutics' Miplyffa.

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Biotech & Genomic Medicine▲ · 4 stocks
Ligand Pharmaceuticals Incorporated
LGND
▲ PositiveCapitalrelevance

Citi resumed coverage with a buy rating and $387 price target, citing the XOMA Royalty acquisition and potential upside from Tremfya CVR.

Digital Finance & Tokenization▲ · 1 stocks
Health Care▲ · 1 stocks

Off-coverage companies 1

Genentech, Inc.Private± Mixed
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