Intrinsic value of Ligand Pharmaceuticals - LGND

Previous Close

$151.91

  Intrinsic Value

$388.91

stock screener

  Rating & Target

str. buy

+156%

Previous close

$151.91

 
Intrinsic value

$388.91

 
Up/down potential

+156%

 
Rating

str. buy

We calculate the intrinsic value of LGND stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  226
  349
  522
  757
  1,068
  1,468
  1,971
  2,587
  3,329
  4,205
  5,222
  6,384
  7,695
  9,156
  10,766
  12,523
  14,426
  16,470
  18,653
  20,972
  23,423
  26,003
  28,712
  31,547
  34,508
  37,596
  40,812
  44,158
  47,637
  51,253
Variable operating expenses, $m
  36
  37
  39
  42
  45
  50
  56
  62
  71
  81
  59
  72
  87
  103
  121
  141
  162
  185
  210
  236
  263
  292
  323
  355
  388
  423
  459
  496
  536
  576
Fixed operating expenses, $m
  40
  41
  42
  43
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  54
  55
  56
  58
  59
  60
  62
  63
  64
  66
  67
  69
  70
  72
  73
  75
Total operating expenses, $m
  76
  78
  81
  85
  88
  94
  101
  108
  118
  129
  109
  123
  139
  156
  175
  196
  218
  243
  269
  296
  325
  355
  387
  421
  455
  492
  529
  568
  609
  651
Operating income, $m
  150
  271
  441
  672
  979
  1,374
  1,870
  2,478
  3,211
  4,076
  5,114
  6,262
  7,557
  9,000
  10,591
  12,327
  14,207
  16,227
  18,385
  20,676
  23,098
  25,648
  28,325
  31,127
  34,053
  37,105
  40,283
  43,590
  47,028
  50,602
EBITDA, $m
  193
  319
  496
  738
  1,057
  1,469
  1,986
  2,621
  3,384
  4,286
  5,333
  6,530
  7,880
  9,384
  11,042
  12,853
  14,812
  16,918
  19,167
  21,556
  24,081
  26,739
  29,530
  32,451
  35,502
  38,683
  41,996
  45,443
  49,028
  52,753
Interest expense (income), $m
  2
  12
  15
  19
  24
  32
  42
  55
  71
  90
  114
  142
  175
  212
  254
  301
  352
  408
  469
  535
  604
  679
  757
  840
  926
  1,017
  1,112
  1,210
  1,313
  1,420
  1,532
Earnings before tax, $m
  138
  256
  422
  648
  947
  1,332
  1,815
  2,408
  3,121
  3,962
  4,972
  6,087
  7,345
  8,746
  10,290
  11,975
  13,799
  15,758
  17,850
  20,071
  22,419
  24,891
  27,485
  30,201
  33,036
  35,993
  39,073
  42,277
  45,608
  49,070
Tax expense, $m
  37
  69
  114
  175
  256
  360
  490
  650
  843
  1,070
  1,342
  1,644
  1,983
  2,361
  2,778
  3,233
  3,726
  4,255
  4,819
  5,419
  6,053
  6,721
  7,421
  8,154
  8,920
  9,718
  10,550
  11,415
  12,314
  13,249
Net income, $m
  101
  187
  308
  473
  691
  972
  1,325
  1,758
  2,278
  2,892
  3,629
  4,444
  5,362
  6,385
  7,512
  8,742
  10,073
  11,503
  13,030
  14,652
  16,366
  18,170
  20,064
  22,046
  24,117
  26,275
  28,523
  30,862
  33,294
  35,821

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  773
  1,195
  1,786
  2,592
  3,657
  5,027
  6,748
  8,861
  11,402
  14,402
  17,884
  21,864
  26,354
  31,356
  36,869
  42,887
  49,403
  56,404
  63,881
  71,821
  80,214
  89,053
  98,328
  108,038
  118,180
  128,755
  139,768
  151,227
  163,141
  175,524
Adjusted assets (=assets-cash), $m
  773
  1,195
  1,786
  2,592
  3,657
  5,027
  6,748
  8,861
  11,402
  14,402
  17,884
  21,864
  26,354
  31,356
  36,869
  42,887
  49,403
  56,404
  63,881
  71,821
  80,214
  89,053
  98,328
  108,038
  118,180
  128,755
  139,768
  151,227
  163,141
  175,524
Revenue / Adjusted assets
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
Average production assets, $m
  260
  401
  600
  870
  1,228
  1,688
  2,266
  2,976
  3,829
  4,836
  6,005
  7,342
  8,850
  10,529
  12,381
  14,402
  16,589
  18,941
  21,451
  24,117
  26,936
  29,904
  33,019
  36,279
  39,685
  43,236
  46,934
  50,782
  54,783
  58,941
Working capital, $m
  34
  52
  78
  113
  159
  219
  294
  386
  496
  627
  778
  951
  1,147
  1,364
  1,604
  1,866
  2,149
  2,454
  2,779
  3,125
  3,490
  3,874
  4,278
  4,701
  5,142
  5,602
  6,081
  6,580
  7,098
  7,637
Total debt, $m
  274
  347
  450
  589
  773
  1,010
  1,308
  1,674
  2,113
  2,632
  3,234
  3,923
  4,700
  5,565
  6,519
  7,560
  8,687
  9,899
  11,192
  12,566
  14,018
  15,547
  17,151
  18,831
  20,586
  22,415
  24,321
  26,303
  28,364
  30,506
Total liabilities, $m
  134
  207
  309
  448
  633
  870
  1,167
  1,533
  1,973
  2,491
  3,094
  3,783
  4,559
  5,425
  6,378
  7,420
  8,547
  9,758
  11,051
  12,425
  13,877
  15,406
  17,011
  18,691
  20,445
  22,275
  24,180
  26,162
  28,223
  30,366
Total equity, $m
  639
  988
  1,477
  2,144
  3,024
  4,158
  5,581
  7,328
  9,429
  11,910
  14,790
  18,082
  21,795
  25,931
  30,491
  35,468
  40,856
  46,646
  52,829
  59,396
  66,337
  73,646
  81,318
  89,347
  97,735
  106,480
  115,588
  125,064
  134,918
  145,159
Total liabilities and equity, $m
  773
  1,195
  1,786
  2,592
  3,657
  5,028
  6,748
  8,861
  11,402
  14,401
  17,884
  21,865
  26,354
  31,356
  36,869
  42,888
  49,403
  56,404
  63,880
  71,821
  80,214
  89,052
  98,329
  108,038
  118,180
  128,755
  139,768
  151,226
  163,141
  175,525
Debt-to-equity ratio
  0.430
  0.350
  0.300
  0.270
  0.260
  0.240
  0.230
  0.230
  0.220
  0.220
  0.220
  0.220
  0.220
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
Adjusted equity ratio
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827
  0.827

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  101
  187
  308
  473
  691
  972
  1,325
  1,758
  2,278
  2,892
  3,629
  4,444
  5,362
  6,385
  7,512
  8,742
  10,073
  11,503
  13,030
  14,652
  16,366
  18,170
  20,064
  22,046
  24,117
  26,275
  28,523
  30,862
  33,294
  35,821
Depreciation, amort., depletion, $m
  43
  48
  55
  65
  78
  95
  116
  142
  173
  210
  219
  268
  323
  384
  452
  526
  605
  691
  783
  880
  983
  1,091
  1,205
  1,324
  1,448
  1,578
  1,713
  1,853
  1,999
  2,151
Funds from operations, $m
  144
  235
  363
  538
  770
  1,067
  1,441
  1,900
  2,451
  3,102
  3,848
  4,712
  5,685
  6,769
  7,964
  9,267
  10,679
  12,195
  13,813
  15,532
  17,349
  19,262
  21,269
  23,370
  25,565
  27,853
  30,236
  32,715
  35,293
  37,972
Change in working capital, $m
  13
  18
  26
  35
  46
  60
  75
  92
  111
  131
  151
  173
  195
  218
  240
  262
  283
  305
  325
  345
  365
  385
  404
  422
  441
  460
  479
  499
  518
  539
Cash from operations, $m
  131
  217
  338
  503
  723
  1,008
  1,366
  1,808
  2,341
  2,972
  3,697
  4,538
  5,490
  6,551
  7,724
  9,006
  10,395
  11,890
  13,488
  15,187
  16,984
  18,877
  20,866
  22,948
  25,124
  27,393
  29,757
  32,217
  34,775
  37,434
Maintenance CAPEX, $m
  -6
  -9
  -15
  -22
  -32
  -45
  -62
  -83
  -109
  -140
  -176
  -219
  -268
  -323
  -384
  -452
  -526
  -605
  -691
  -783
  -880
  -983
  -1,091
  -1,205
  -1,324
  -1,448
  -1,578
  -1,713
  -1,853
  -1,999
New CAPEX, $m
  -97
  -141
  -199
  -271
  -358
  -460
  -578
  -709
  -853
  -1,007
  -1,169
  -1,337
  -1,508
  -1,680
  -1,851
  -2,021
  -2,188
  -2,351
  -2,511
  -2,666
  -2,819
  -2,968
  -3,115
  -3,260
  -3,406
  -3,551
  -3,698
  -3,848
  -4,001
  -4,158
Cash from investing activities, $m
  -103
  -150
  -214
  -293
  -390
  -505
  -640
  -792
  -962
  -1,147
  -1,345
  -1,556
  -1,776
  -2,003
  -2,235
  -2,473
  -2,714
  -2,956
  -3,202
  -3,449
  -3,699
  -3,951
  -4,206
  -4,465
  -4,730
  -4,999
  -5,276
  -5,561
  -5,854
  -6,157
Free cash flow, $m
  28
  66
  124
  211
  334
  503
  727
  1,016
  1,379
  1,825
  2,351
  2,983
  3,714
  4,549
  5,488
  6,533
  7,682
  8,933
  10,286
  11,738
  13,285
  14,926
  16,659
  18,482
  20,394
  22,394
  24,481
  26,656
  28,921
  31,276
Issuance/(repayment) of debt, $m
  50
  73
  102
  139
  184
  237
  298
  365
  440
  519
  602
  689
  777
  865
  954
  1,041
  1,127
  1,211
  1,293
  1,374
  1,452
  1,529
  1,605
  1,680
  1,755
  1,830
  1,905
  1,982
  2,061
  2,142
Issuance/(repurchase) of shares, $m
  139
  162
  181
  193
  189
  161
  98
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  189
  235
  283
  332
  373
  398
  396
  365
  440
  519
  602
  689
  777
  865
  954
  1,041
  1,127
  1,211
  1,293
  1,374
  1,452
  1,529
  1,605
  1,680
  1,755
  1,830
  1,905
  1,982
  2,061
  2,142
Total cash flow (excl. dividends), $m
  216
  300
  408
  543
  707
  901
  1,123
  1,381
  1,818
  2,344
  2,954
  3,671
  4,491
  5,414
  6,442
  7,574
  8,809
  10,145
  11,580
  13,111
  14,737
  16,455
  18,264
  20,162
  22,149
  24,223
  26,386
  28,638
  30,982
  33,418
Retained Cash Flow (-), $m
  -240
  -348
  -489
  -666
  -881
  -1,133
  -1,423
  -1,747
  -2,101
  -2,481
  -2,880
  -3,292
  -3,713
  -4,137
  -4,559
  -4,977
  -5,388
  -5,790
  -6,183
  -6,567
  -6,941
  -7,309
  -7,671
  -8,030
  -8,387
  -8,746
  -9,108
  -9,476
  -9,853
  -10,241
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -23
  -48
  -81
  -123
  -173
  -233
  -301
  -366
  -283
  -137
  74
  379
  778
  1,277
  1,883
  2,597
  3,421
  4,354
  5,397
  6,545
  7,796
  9,146
  10,593
  12,132
  13,761
  15,477
  17,278
  19,162
  21,129
  23,177
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -22
  -44
  -71
  -101
  -134
  -169
  -203
  -229
  -163
  -72
  35
  162
  296
  429
  553
  660
  744
  802
  831
  832
  806
  759
  694
  618
  535
  452
  371
  296
  231
  175
Current shareholders' claim on cash, %
  95.9
  93.0
  90.9
  89.5
  88.5
  87.9
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7
  87.7

Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company is involved in the development and licensing of biopharmaceutical assets. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals. As of December 31, 2016, it had partnerships and license agreements with over 85 pharmaceutical and biotechnology companies, and over 140 various programs under license with it were in various stages of commercialization and development. It has contributed research and technologies for approved medicines that treat cancer, osteoporosis, fungal infections and low blood platelets, among others.

FINANCIAL RATIOS  of  Ligand Pharmaceuticals (LGND)

Valuation Ratios
P/E Ratio -1588.2
Price to Sales 29.1
Price to Book 9.3
Price to Tangible Book
Price to Cash Flow 50.4
Price to Free Cash Flow 73.9
Growth Rates
Sales Growth Rate 51.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 400%
Cap. Spend. - 3 Yr. Gr. Rate 38%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 8.5%
Total Debt to Equity 71%
Interest Coverage 5
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. 23.3%
Return On Total Capital -0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 24.4%
Return On Equity -0.7%
Return On Equity - 3 Yr. Avg. 68.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 94.5%
Gross Margin - 3 Yr. Avg. 90.3%
EBITDA Margin 19.3%
EBITDA Margin - 3 Yr. Avg. 32.1%
Operating Margin 40.4%
Oper. Margin - 3 Yr. Avg. 49.6%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 24.3%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. 112%
Effective Tax Rate 125%
Eff/ Tax Rate - 3 Yr. Avg. -141.2%
Payout Ratio 0%

LGND stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LGND stock intrinsic value calculation we used $141.102 million for the last fiscal year's total revenue generated by Ligand Pharmaceuticals. The default revenue input number comes from 0001 income statement of Ligand Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LGND stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for LGND is calculated based on our internal credit rating of Ligand Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ligand Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LGND stock the variable cost ratio is equal to 24.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for LGND stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Ligand Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Ligand Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LGND stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LGND are equal to 115%.

Life of production assets of 27.4 years is the average useful life of capital assets used in Ligand Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LGND is equal to 14.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $399.788 million for Ligand Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 21.32 million for Ligand Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ligand Pharmaceuticals at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ Ligand: 3Q Earnings Snapshot   [08:26AM  Associated Press]
▶ Ligand to Participate in Stephens NY Investment Conference   [Nov-02-18 09:00AM  Business Wire]
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▶ 5 Beaten-Down Biotech Stocks to Pick Up from the Wreckage   [Oct-17-18 02:27PM  InvestorPlace]
▶ Ligand to Report Third Quarter 2018 Results on November 8th   [Oct-15-18 09:00AM  Business Wire]
▶ Utilities, Defensive Stocks Buck Drop; Is It Time To Sell Microsoft Stock?   [Oct-10-18 02:25PM  Investor's Business Daily]
▶ 3 Top Mid-Cap Stocks to Buy Right Now   [Oct-06-18 08:00AM  Motley Fool]
▶ Stock Market Sails Ahead On 3 Economic Reports   [Oct-03-18 12:01PM  Investor's Business Daily]
▶ 10 Triple-A Stocks to Buy for the Rest of 2018   [Sep-28-18 02:53PM  InvestorPlace]
▶ Techs Lift Stock Market, But This Other Sector Stands Out   [04:13PM  Investor's Business Daily]
▶ Stocks Rally Amid U.S-China Tariff Exchange; FedEx Skids On EPS   [Sep-18-18 10:20AM  Investor's Business Daily]
▶ The Crisis Was in the System   [Sep-13-18 11:42AM  Bloomberg]
▶ 3 Top Biotech Stocks to Buy in September   [08:18AM  Motley Fool]
▶ Looking For Growth? Take A Look At These Biotechnology Stocks   [05:15PM  Investor's Business Daily]
▶ IBD Stock Of The Day: Vertex Pharma Nears Third Breakout Of 2018   [Aug-21-18 04:01PM  Investor's Business Daily]
▶ 4 Under-the-Radar Small Cap Stars   [12:50PM  Investopedia]
▶ Profit Keeps Piling Up for Ligand Pharmaceuticals   [Aug-14-18 05:17PM  Motley Fool]
▶ [$$] 4 Hidden Small-Cap Gems   [01:41PM  Barrons.com]
▶ IBD 50's Ligand Crushes Views And Projects 2 Blockbuster Drugs   [05:12PM  Investor's Business Daily]
▶ Ligand: 2Q Earnings Snapshot   [04:15PM  Associated Press]
▶ Sometimes the Documents Are Wrong   [Jul-31-18 11:01AM  Bloomberg]

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