Ligand Pharma stock price target raised to $206 from $157 at H.C. Wainwright

Investing.com - H.C. Wainwright raised its price target on Ligand Pharma (NASDAQ:LGND) to $206 from $157 on Friday, maintaining a Buy rating on the stock. The company’s stock has shown remarkable momentum, delivering a 49% return year-to-date and trading near its 52-week high of $161.93.

The price target increase follows Travere’s announcement on August 27 that the FDA approved an update to the REMS labeling for FILSPARI. The FDA agreed to reduce liver function monitoring frequency from monthly to every three months and removed the pregnancy monitoring requirement.

FILSPARI generated $71.9 million in revenue during the second quarter of 2025, with 745 new patient start forms added during the period, indicating continued adoption in IgAN treatment.

H.C. Wainwright noted that following this REMS easing, the next potential catalyst for Travere is the January 2026 PDUFA date for FILSPARI in focal segmental glomerulosclerosis (FSGS), with an expected AdCom in the fourth quarter of 2024.

The research firm believes the FSGS indication alone could achieve blockbuster status, as approval would enable significant commercial overlap while Travere prepares for additional sales force expansion.

In other recent news, Ligand Pharmaceuticals has completed its offering of 0.75% convertible senior notes due 2030, raising $460 million in aggregate principal amount. The company successfully included the full exercise of the initial purchasers’ option to buy an additional $60 million in notes, resulting in net proceeds of approximately $445.1 million after fees and expenses. This follows the company’s announcement of its intention to offer $400 million in convertible notes, with the offering initially priced at $400 million.

Additionally, Ligand Pharmaceuticals reported strong second-quarter results for 2025, with total revenue reaching $47.6 million, marking a 15% increase year-over-year. This performance surpassed consensus estimates by about 9%, driven by robust results in both the Royalty and Captisol segments. Following these results, RBC Capital raised its price target for Ligand Pharmaceuticals to $185, maintaining an Outperform rating. Similarly, Oppenheimer increased its price target to $167, also maintaining an Outperform rating, citing significant growth in royalty revenue, which reached $36.4 million, a 57% increase year-over-year. These developments highlight Ligand Pharmaceuticals’ recent financial activities and performance.

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