Ligand Pharmaceuticals Inc. (LGND) has reached a new 52-week high, with its shares soaring to $103.295. This milestone marks a significant achievement for the biopharmaceutical company, reflecting a robust performance in the market. Over the past year, Ligand Pharmaceuticals has seen a substantial increase in its stock value, with a 1-year change of 54.76%. This impressive growth underscores the company's strong financial health and its ability to deliver value to its shareholders. The 52-week high of $103.295 is a testament to Ligand Pharmaceuticals' resilience and its potential for future growth.
In other recent news, Ligand Pharmaceuticals has made significant strides on several fronts. The company has finalized the acquisition of APEIRON Biologics AG for $100 million, a move that will add QARZIBA®, a treatment for high-risk neuroblastoma, to its portfolio. Ligand has also expanded its credit facility from $75 million to $125 million, enhancing its financial flexibility.
Analysts from Craig-Hallum and H.C. Wainwright have maintained a Buy rating on Ligand's stock, projecting earnings of over $6.00 per share next year, up from this year's $5.01 per share. In addition, Ligand has received FDA approval for Ohtuvayre, a novel treatment for chronic obstructive pulmonary disease developed with Verona Pharma (NASDAQ:VRNA), which will result in a $5.8 million milestone payment and an additional $13.8 million upon the drug's commercial launch in 2024.
These are among the recent developments for Ligand Pharmaceuticals, which started 2024 with $311 million in cash and investments and expects to generate an additional $60 million from operations throughout the year. The company has also announced the creation of Pelthos Therapeutics and the FDA approval of ZELSUVMI, and entered into a partnership with Agenus (NASDAQ:AGEN), investing $75 million with an option for an additional $25 million.
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