Ligand Pharmaceuticals stock hits 52-week high at 143.31 USD

Ligand Pharmaceuticals (NASDAQ:LGND) Incorporated’s stock reached a 52-week high, hitting 143.31 USD. According to InvestingPro data, the company maintains a GOOD overall financial health score, with particularly strong price momentum and cash flow metrics. Over the past year, the stock has experienced a significant increase, with a 1-year change of 46.28%. This milestone reflects the company’s strong performance, evidenced by impressive 53.4% revenue growth in the last twelve months. The rise to this 52-week high underscores Ligand Pharmaceuticals’ resilience and growth potential in the competitive pharmaceutical sector. While current trading levels suggest the stock is slightly overvalued based on InvestingPro’s Fair Value analysis, analysts maintain optimistic projections with a high price target of $162.For deeper insights into Ligand’s valuation and growth prospects, check out the comprehensive Pro Research Report, available exclusively on InvestingPro.

In other recent news, Orchestra BioMed Holdings, Inc. has secured $70 million in new capital from Ligand Pharmaceuticals and Medtronic (NYSE:MDT) to advance its late-stage cardiology programs. Ligand Pharmaceuticals will invest a total of $40 million and will receive royalties from Orchestra’s AVIM therapy and Virtue SAB programs. Additionally, Ligand Pharmaceuticals has received a $5 million milestone payment following the commercial launch of ZELSUVMI, an at-home treatment for molluscum contagiosum by its partner Pelthos Therapeutics Inc. The launch marks the first FDA-approved at-home treatment for the skin condition. Ligand has also completed a merger involving its subsidiary LNHC, Inc. and Channel Therapeutics Corporation’s subsidiary, resulting in the formation of Pelthos Therapeutics Inc., which will trade on the NYSE American exchange. Analyst firm Oppenheimer has raised its price target for Ligand Pharmaceuticals to $162, citing growth in royalty revenues. Stifel has reiterated its Buy rating on Ligand, maintaining a $143 price target and noting the company’s strong position in the royalty financing sector. These developments reflect Ligand’s ongoing strategic investments and partnerships in the pharmaceutical industry.

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