Ligand Pharmaceuticals – Still, Many Moving Parts

Ligand Pharmaceuticals (LGND) is a company with an interesting business model, one which I have provided coverage on at various occasions in the past. The last update on the company and the investment thesis dates March 2019 as I concluded that uncertainty prevails.
This uncertainty came as there were heightened expectations, while there were doubts on pipeline conversion, a bearish research report from Citron arrived and the company sold its top-selling royalty drug at a price which did not im…

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