Ligand price target raised to $147 from $135 at Oppenheimer

Oppenheimer analyst Leland Gershell raised the firm’s price target on Ligand (LGND) to $147 from $135 and keeps an Outperform rating on the shares. The firm noted that Ligand’s Q3 results beat on the top line and the company increased its FY24 revenue to $160M-165M, which the firm views as “conservative, given strength of royalty assets with early launches accelerating and potentially expanding indication use.”