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Biotech / Medical : Biotech Valuation
CRSP 55.52-8.7%Jan 23 9:30 AM EST
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To: Icebrg who wrote (7971)3/13/2003 6:44:04 PM
From: Icebrg  Read Replies (2) of 52153
 
Ligand had a very interesting company presentation today. Although very long at about 5.30 h. But they do have a lot to talk about.

If they manage to split up the replay into pieces, that are easier to consume, I would like to recommend the Targretin parts. Both the capsules and the gel (the latter, which I had more or less written off due to its unimpressive results so far).

I believe it is always a good sign when the principal clinical investigator sounds enthusiastic and that was the case for both NSCLC and Hand Dermatitis. After all they have the experience and know what to expect.

Ligand is taking a lot of flack, as its management tend to promise a lot, that they are later not able to live up to.

But judging them based on products already on the markets, the market expansion that seems to be possible in the cancer indications as well as potential future income streams from out-licensed products, I would still like to suggest that they are attractively priced at a market cap of 380 mUSD (excluding dilution through the converts).

I doubt it is possible to find companies with similar advanced and deep pipelines at this price. If they exist - please give me a hint, please.

(The one thing I don't like about them is their transactions with Royalty Pharma).

Erik
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