RBC Capital initiated coverage of Ligand Pharmaceuticals with an Outperform rating and $130 price target. The company is a “highly differentiated” drug royalty aggregator that provides technology and capital to the biopharma industry, the analyst tells investors in a research note. The firm says the shares should re-rate higher as Ligand delivers on its growth guidance, with upside potential from upcoming investment-related catalysts “which occur with regular cadence.”
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