Ligand Pharmaceuticals (LGND) stock surged 5.07% on Friday, outperforming the broader market during the intraday trading session. The biopharmaceutical company's impressive rally followed the release of its Q4 2024 earnings results and positive analyst sentiment.
During the Q4 earnings call, Ligand Pharmaceuticals reported a 28% increase in royalty revenue and a 40% increase in core adjusted EPS for 2024. The company successfully launched two new commercial products, Veronaarma Auteuve and Merck's capaci, both exceeding sales expectations. Additionally, Ligand has a diversified portfolio of commercial stage royalty assets and a robust pipeline of development stage opportunities.
Adding to the positive sentiment, RBC Capital Markets raised its price target on Ligand Pharmaceuticals to $155 from $143, maintaining an Outperform rating. The analyst's bullish outlook reflects the company's strong financial position, restructured business model focused on profitable growth, and promising prospects for future growth drivers.
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