At this point LGNDs earnings is the what will drive this price. Next year things will be different. Now its about approvals and its partners sales going forward. Based on current sales earnings should not be a big surprise.
Earnings just out and my guess is the stock tanks today. Non-GAAP earnings of $0.04-0.06 next quarter is less than the measly 7 pennies/share they earned this quarter. They're going in the wrong direction. LGND revenue will grow, but likely it's not growing fast enough to satisfy a lot of shareholders.