Oct. 4 at 10:21 PM
The attachment compares the projected revenue & EPS multiples of
$LGND v. 3 peers
$RPRX $XNCR $XOMA that also invest in biopharma royalties.
LGND appears to be an amazing company with a great future. We are not bashing LGND. However, simple analytics suggest LGND, up ~80%+ since June 2025, is now over-priced primarily because they trade @ multiples 2X higher than these 3 peers. Of course we could be wrong.
This is not investment advice. Shorting a stock like LGND is extremely risky because, in theory, losses are infinite. History suggests LGND might retract after reporting Q3 2025 earnings as valuation opportunity are reset (the
$HROW phenomenon in May 2023...but HROW recovered & then some later).
LGND also holds equity investments where valuation gains may not manifest in traditional revenues & earnings forecasts.
Again, this is not investment advice.
Comments? Pushback? Are these 3 not peers?
