Market Assessment
In the last 12 months, the price of Ligand (LGND) stock has depreciated from a high of ~$252 on September 6th, 2018, to today’s price of ~$88. As a small market cap ($1.7B) creating and/or acquiring technologies to develop innovative therapeutics, LGND has a unique business model focused on licensing out/partnering with other biopharmas to clinically develop innovative drug candidates. Ligand describes its business model as creating "value for stockholders by providing a diversified portfolio of biotech and pharmaceutical product revenue streams that are supported by an efficient and low corporate