I think the market has it right, the company is fairly valued at the close. The company has been buying back stock at much higher levels over the last 6-9 months and now with the reduced cash flow after the sale of Promacta this is becoming a tenuous strategy (especially if it's ego driven against short sellers). Keep in mind they no longer hold legacy tax assets after the sale.
It seems their diabetes drug is a flop. Higgins sounded like a cheerleader on the C.C. (not a good sign). Omni-Chicken will never be a leader like Captisol no matter how much he pushes that narrative. Too much competition.
One other concern going into 2020. I think their partner SAGE is a bloated pig that is going to pop (and there's a lot of bullishness built into their license agreement/relationship). I'm not current on my research of SAGE, I'm not looking to discuss it.
These are just thoughts from someone that once owned LGND stock.
I'm in Ligand because of their self designed Contrast Agent. They believe their Captisol design will prevent kidney damage. They just finish their phase I trials.
Having my share of MRI's and Cat scans recently I have to get a blood test each and every time prior to a scan.
Ligand having $70 bucks a share in cash doesn't hurt either.