LGND - I'm not sure what to make of their business model. Clearly, it's carried a higher multiple in the past than it does today. It's not a roll-up operation (ugghh), but it does seek success in more numerous ways than typical biotech. Way less capital intensive ways it appears. However, the very early stage investments, with wildly uncertain payouts, make it difficult for an investor to try to value it.
I'm intrigued because I recognize my own predilection to swing for the fence, and I'm discouraged because there's no homer possible in the near term.
Anyone else thought much about LGND?
