VKTX - 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 impress me that much.
The Thesis, Back To 2019
Ligand has a very distinctive