Oppenheimer raised the firm's price target on Ligand (LGND) to $151 from $135 and keeps an Outperform rating on the shares following the company's investor day. Key takeaways, the firm says, include capital needs within biotech/biopharma remain massive; investments will continue to be selective, and lean on their expertise; Zelsuvmi opportunity remains underappreciated; further levers of potential value creation exist with an emphasis on Captisol sales growth; and Captisol/Nitricil platform value.