Ligand initiated with an Outperform at Oppenheimer

Oppenheimer analyst Leland Gershell initiated coverage of Ligand Pharmaceuticals with an Outperform rating and $135 price target Ligand has access to potential royalty streams from over 70 assets as a royalty company, the analyst tells investors in a research note. The firm views Ligand as a diversified biotech investment “in which an investor can lean on a highly experienced management team with proprietary access to key opinion leaders, company exposure, and unique networks which provide access to deals to which the average investor does not have access.”