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Biotech / Medical : Ligand (LGND) Breakout!
LGND 199.34+0.1%3:59 PM EST
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To: Russian Bear who wrote (20267)5/8/1998 10:57:00 PM
From: Henry Niman  Read Replies (1) of 32384
 
Here's part of Legg Mason's morning notes:
LIGAND PHARMACEUTICALS, INC. (LGND) Analyst: Stefan D. Loren, Ph.D.
PRICE 52-WEEK EPS - (FY Dec) P/E RATIO DIV SHRS MKT CAP LT DEBT INV./RISK TARGET
5/7/98 PRICE RANGE 1997A 1998E 1999E 1998E 1999E YIELD OUT(M) $M TO CAP RATINGS PRICE
$13 15/16 $18-$10 ($1.06) ($1.03) $0.08 NM NM Nil 38.6 $536 60% B/4 $20
Legg Mason Wood Walker, Inc. makes a market in this security.
ú Ligand currently has four products in mid- to late-stage clinical trials providing a framework for near-term revenue
growth.
ú The company has a strong research pipeline, an essential factor for long-term revenue growth.
ú A steady flow of clinical and regulatory announcements, and potential new strategic alliances should lead to
increased visibility of Ligand and its discovery and development efforts.
ú The company utilizes a strong proprietary platform technology base that has an established track record for lead
discovery, and has attracted corporate partners.
ú Strategic alliances with six of the top-20 companies provide R&D funds, added technical expertise, and validation
of Ligand's drug discovery efforts.
ú Our 10-year discounted cash flow model yields a 12-18 month price target of $20 per share
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