Citigroup thinks investors should consider Ligand Pharmaceuticals for a more conservative bet on the biotech industry. The bank initiated the biotech stock at a buy rating and price target of $270, implying upside of 46% from Ligand's Monday closing price of $184.67. Shares have soared nearly 79% this year. LGND YTD mountain LGND YTD chart Citi analyst Yigal Nochomovitz attributed Ligand's year-to-date rally to "recent materialized gains from long-term investments contributing to profitability," he wrote. However, he still believes the stock's current level underappreciates its ultimate valuation, as shares could rise further from here due to upcoming catalysts with partnered programs. The analyst called Ligand "the 'Goldilocks' pick for investors seeking exposure to biotech upside while m

See Full Page