Investment Thesis
Ligand Pharmaceuticals 1-year share price performance. Source: TradingView
Before the market sell-off at the end of last week Ligand Pharmaceuticals' (NASDAQ:LGND) stock had been buoyant, trading at $124 - its highest price since April 2019. The company delivered a solid set of Q120 earnings in May, earning $33.2m of revenues (up 23% sequentially) and raised its guidance for 2020 to $140m in sales from its 4 main business lines, and adjusted EPS of $3.6, giving a forward PE of ~30X.
The recent share price gains (Ligand stock jumped 22% in the