Comprehensive Stock Comparison
Compare CDT Equity Inc. (CDT) vs Royalty Pharma plc (RPRX) vs Ligand Pharmaceuticals Incorporated (LGND) vs Innoviva, Inc. (INVA) vs BlackRock Technology and Private Equity Term Trust (BTX) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
Selected Stocks
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth |  LGND | 27.3% revenue growth vs BTX's -81.1% |
| Value |  RPRX | Lower P/E (9.8x vs 11.5x) |
| Quality / Margins |  BTX | 87.7% net margin vs LGND's 19.3% |
| Stability / Safety |  INVA | Beta 0.07 vs BTX's 1.16 |
| Dividends | BTX | 12.9% yield, 1-year raise streak, vs RPRX's 1.4% |
| Momentum (1Y) | LGND | +81.1% vs CDT's -99.4% |
| Efficiency (ROA) | INVA | 16.6% ROA vs CDT's -237.4% |
Who Each Stock Is For
Income & stability
RPRXDividend streak 2 yrs, beta 0.36, yield 1.4%
Growth exposure
INVARev growth 18.5%, EPS growth 8.2%, 3Y rev CAGR 8.7%
Long-term compounding (10Y)
LGND104.3% 10Y total return vs INVA's 81.4%
Sleep-well-at-night portfolio
INVALower volatility, beta 0.07, current ratio 14.64x
Defensive / Recession hedge
INVABeta 0.07, current ratio 14.64x
Business Model
What each company does and how it makes money
CDT Equity is a healthcare company that facilitates the development and commercialization of clinical-stage medical assets. It generates revenue through licensing agreements, milestone payments, and equity stakes in the biotech companies it partners with — typically taking a share of future commercial success. Its key advantage lies in its founders' deep pharmaceutical industry expertise and strategic approach to identifying promising clinical assets with commercial potential.
Royalty Pharma is a specialized investment firm that acquires royalty interests in approved and development-stage biopharmaceutical products. It generates revenue primarily from royalty payments on approximately 35 marketed therapies — with its largest assets including cystic fibrosis drug Trikafta and HIV treatment Biktarvy — which provide predictable cash flows. The company's competitive advantage lies in its deep expertise in valuing complex biopharmaceutical royalties and its extensive industry relationships that provide access to proprietary deal flow.
Ligand Pharmaceuticals is a biopharmaceutical company that develops and acquires drug discovery technologies and royalty-bearing assets for pharmaceutical partners. It generates revenue primarily through royalties from partnered drug sales — including blockbusters like Kyprolis and Veklury — supplemented by milestone payments and contract research services. Its key competitive advantage lies in its diversified portfolio of royalty streams and its Captisol drug formulation technology, which creates multiple revenue sources from single platform innovations.
Innoviva is a biopharmaceutical company that develops and commercializes respiratory therapies for chronic obstructive pulmonary disease (COPD) and asthma. It generates revenue primarily through royalties and collaboration payments from its partnered respiratory drugs — including RELVAR/BREO ELLIPTA, ANORO ELLIPTA, and TRELEGY ELLIPTA — which are commercialized by GlaxoSmithKline. The company's key advantage lies in its long-term royalty streams from established respiratory products and its strategic partnership with a major pharmaceutical company for commercialization.
BlackRock Technology and Private Equity Term Trust is a closed-end investment fund that pools investor capital to invest primarily in mid- and small-capitalization growth companies in the technology and healthcare sectors. It generates returns through capital appreciation and dividend income from its equity portfolio, with performance tied to the success of its underlying investments. The fund's key advantage is BlackRock's extensive research capabilities and access to innovative companies that traditional investors might overlook.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
LGND 1INVA 1BTX 1
CDT 0RPRX 0BTX4/6 metricsINVA6/9 metricsLGND4/6 metricsBTX leads in 1 of 6 categories (Financial Metrics). INVA leads in 1 (Profitability & Efficiency). 3 tied.
Financial Metrics (TTM)
RPRX and CDT operate at a comparable scale, with $2.3B and $0 in trailing revenue. BTX is the more profitable business, keeping 87.7% of every revenue dollar as net income compared to LGND's 19.3%. On growth, LGND holds the edge at +122.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CDTCDT Equity Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | INVAInnoviva, Inc. | BTXBlackRock Technol… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $0 | $2.3B | $251M | $415M | $41M |
| EBITDAEarnings before interest/tax | -$17M | $1.5B | $52M | $13M | — |
| Net IncomeAfter-tax profit | -$20M | $765M | $49M | $271M | — |
| Free Cash FlowCash after capex | $34M | $2.4B | $31M | $195M | — |
| Gross MarginGross profit ÷ Revenue | — | +100.0% | +85.9% | +78.9% | +100.0% |
| Operating MarginEBIT ÷ Revenue | — | +65.2% | +7.0% | -4.0% | +87.7% |
| Net MarginNet income ÷ Revenue | — | +32.6% | +19.3% | +65.4% | +87.7% |
| FCF MarginFCF ÷ Revenue | — | +102.4% | +12.2% | +46.9% | +6.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | +7.9% | +122.8% | +28.6% | — |
| EPS Growth (YoY)Latest quarter vs prior year | +2.1% | -44.8% | +15.6% | +7.1% | — |
Valuation Metrics
At 6.9x trailing earnings, INVA trades at a 82% valuation discount to BTX's 38.9x P/E. On an enterprise value basis, INVA's 5.6x EV/EBITDA is more attractive than LGND's 319.9x.
| Metric | CDTCDT Equity Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | INVAInnoviva, Inc. | BTXBlackRock Technol… |
|---|---|---|---|---|---|
| Market CapShares × price | $36M | $7.1B | $4.1B | $1.7B | $773M |
| Enterprise ValueMkt cap + debt − cash | $43M | $15.4B | $4.0B | $1.1B | $773M |
| Trailing P/EPrice ÷ TTM EPS | -0.03x | 26.65x | -949.77x | 6.89x | 38.94x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 9.75x | 24.61x | 11.55x | — |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | 0.67x | — |
| EV / EBITDAEnterprise value multiple | — | 9.90x | 319.95x | 5.62x | 21.64x |
| Price / SalesMarket cap ÷ Revenue | — | 2.99x | 24.57x | 3.99x | 18.99x |
| Price / BookPrice ÷ Book value/share | — | 2.74x | 4.60x | 1.64x | 0.80x |
| Price / FCFMarket cap ÷ FCF | — | 2.86x | 53.06x | 8.66x | 2.79x |
Profitability & Efficiency
INVA delivers a 23.1% return on equity — every $100 of shareholder capital generates $23 in annual profit, vs $-5 for CDT. LGND carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to RPRX's 0.91x. On the Piotroski fundamental quality scale (0–9), LGND scores 5/9 vs CDT's 1/9, reflecting solid financial health.
| Metric | CDTCDT Equity Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | INVAInnoviva, Inc. | BTXBlackRock Technol… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | -4.7% | +8.0% | +5.1% | +23.1% | +1.9% |
| ROA (TTM)Return on assets | -2.4% | +4.0% | +3.3% | +16.6% | +1.8% |
| ROICReturn on invested capital | — | +6.7% | -2.3% | +16.8% | +1.4% |
| ROCEReturn on capital employed | — | +8.7% | -2.7% | +12.4% | +1.8% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 4 | 5 | 4 | 3 |
| Debt / EquityFinancial leverage | — | 0.91x | 0.01x | — | — |
| Net DebtTotal debt minus cash | $7M | $8.3B | -$65M | -$551M | $0 |
| Cash & Equiv.Liquid assets | $554,000 | $619M | $72M | $551M | — |
| Total DebtShort + long-term debt | $7M | $9.0B | $7M | $0 | $0 |
| Interest CoverageEBIT ÷ Interest expense | -15.44x | 5.66x | 22.69x | 11.03x | 2313.25x |
Total Returns (with DRIP)
A $10,000 investment in INVA five years ago would be worth $19,748 today (with dividends reinvested), compared to $0 for CDT. Over the past 12 months, LGND leads with a +81.1% total return vs CDT's -99.4%. The 3-year compound annual growth rate (CAGR) favors LGND at 43.0% vs CDT's -98.2% — a key indicator of consistent wealth creation.
| Metric | CDTCDT Equity Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | INVAInnoviva, Inc. | BTXBlackRock Technol… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | -50.8% | +22.7% | +9.9% | +14.4% | +0.5% |
| 1-Year ReturnPast 12 months | -99.4% | +43.1% | +81.1% | +29.1% | +6.8% |
| 3-Year ReturnCumulative with dividends | -100.0% | +42.2% | +192.2% | +106.3% | +18.3% |
| 5-Year ReturnCumulative with dividends | -100.0% | +21.0% | +44.7% | +97.5% | -45.5% |
| 10-Year ReturnCumulative with dividends | -100.0% | +16.7% | +104.3% | +81.4% | -45.5% |
| CAGR (3Y)Annualised 3-year return | -98.2% | +12.5% | +43.0% | +27.3% | +5.8% |
Risk & Volatility
INVA is the less volatile stock with a 0.07 beta — it tends to amplify market swings less than BTX's 1.16 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. RPRX currently trades 99.1% from its 52-week high vs CDT's 0.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CDTCDT Equity Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | INVAInnoviva, Inc. | BTXBlackRock Technol… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.34x | 0.36x | 0.82x | 0.07x | 1.16x |
| 52-Week HighHighest price in past year | $168.00 | $47.86 | $212.49 | $25.15 | $7.50 |
| 52-Week LowLowest price in past year | $0.58 | $29.66 | $93.58 | $16.52 | $5.10 |
| % of 52W HighCurrent price vs 52-week peak | +0.4% | +99.1% | +98.3% | +90.4% | +88.3% |
| RSI (14)Momentum oscillator 0–100 | 27.2 | 81.9 | 64.3 | 50.8 | 47.3 |
| Avg Volume (50D)Average daily shares traded | 564K | 3.5M | 195K | 698K | 896K |
Analyst Outlook
Analyst consensus: RPRX as "Buy", LGND as "Buy", INVA as "Buy". Consensus price targets imply 43.0% upside for INVA (target: $33) vs 4.2% for RPRX (target: $49). For income investors, BTX offers the higher dividend yield at 12.93% vs RPRX's 1.41%.
| Metric | CDTCDT Equity Inc. | RPRXRoyalty Pharma plc | LGNDLigand Pharmaceut… | INVAInnoviva, Inc. | BTXBlackRock Technol… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy | Buy | Buy | — |
| Price TargetConsensus 12-month target | — | $49.40 | $248.00 | $32.50 | — |
| # AnalystsCovering analysts | — | 11 | 16 | 10 | — |
| Dividend YieldAnnual dividend ÷ price | — | +1.4% | — | — | +12.9% |
| Dividend StreakConsecutive years of raises | — | 2 | 1 | 0 | 1 |
| Dividend / ShareAnnual DPS | — | $0.67 | — | — | $0.86 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% | +0.3% | +12.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 22 | Mar 26 | Change |
|---|---|---|---|
| CDT Equity Inc. (CDT) | 100 | 0 | -100.0% |
| Royalty Pharma plc (RPRX) | 100 | 107.62 | +7.6% |
| Ligand Pharmaceutic… (LGND) | 100 | 169.08 | +69.1% |
| Innoviva, Inc. (INVA) | 100 | 106.28 | +6.3% |
| BlackRock Technolog… (BTX) | 100 | 57.64 | -42.4% |
Innoviva, Inc. (INVA) returned +97% over 5 years vs CDT Equity Inc. (CDT)'s -100%. A $10,000 investment in INVA 5 years ago would be worth $19,748 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CDT Equity Inc. (CDT) | $0.00 | $0.00 | — |
| Royalty Pharma plc (RPRX) | $1.6B | $2.4B | +48.8% |
| Ligand Pharmaceutic… (LGND) | $109M | $167M | +53.4% |
| Innoviva, Inc. (INVA) | $134M | $425M | +218.3% |
| BlackRock Technolog… (BTX) | $-640M | $41M | +106.4% |
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Royalty Pharma plc (RPRX) | 75.7% | 32.4% | -57.2% |
| Ligand Pharmaceutic… (LGND) | -1.5% | -2.4% | -60.7% |
| Innoviva, Inc. (INVA) | 44.6% | 63.8% | +43.1% |
| BlackRock Technolog… (BTX) | 100.1% | 87.7% | -12.4% |
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Royalty Pharma plc (RPRX) | 19.3 | 21.7 | +12.4% |
| Ligand Pharmaceutic… (LGND) | 258.4 | 24.3 | -90.6% |
| Innoviva, Inc. (INVA) | 12.1 | 6.1 | -49.6% |
Royalty Pharma plc has traded in a 11x–404x P/E range over 6 years; current trailing P/E is ~27x. Ligand Pharmaceuticals Incorporated has traded in a 3x–258x P/E range over 5 years; current trailing P/E is ~-950x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CDT Equity Inc. (CDT) | -1.01 | -20.53 | -1932.7% |
| Royalty Pharma plc (RPRX) | 1.99 | 1.78 | -10.7% |
| Ligand Pharmaceutic… (LGND) | -0.08 | -0.22 | -180.3% |
| Innoviva, Inc. (INVA) | 0.53 | 3.3 | +522.6% |
| BlackRock Technolog… (BTX) | -2.58 | 0.17 | +106.6% |
Chart 6Free Cash Flow — 5 Years
CDT Equity Inc. generated $-10M FCF in 2024 (-352% vs 2021). Royalty Pharma plc generated $2B FCF in 2025 (+23% vs 2021).
CDT vs RPRX vs LGND vs INVA vs BTX: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is CDT or RPRX or LGND or INVA or BTX a better buy right now?
Innoviva, Inc. (INVA) offers the better valuation at 6.9x trailing P/E (11.5x forward), making it the more compelling value choice. Analysts rate Royalty Pharma plc (RPRX) a "Buy" — based on 11 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CDT or RPRX or LGND or INVA or BTX?
On trailing P/E, Innoviva, Inc. (INVA) is the cheapest at 6.9x versus BlackRock Technology and Private Equity Term Trust at 38.9x. On forward P/E, Royalty Pharma plc is actually cheaper at 9.8x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — CDT or RPRX or LGND or INVA or BTX?
Over the past 5 years, Innoviva, Inc. (INVA) delivered a total return of +97.5%, compared to -100.0% for CDT Equity Inc. (CDT). A $10,000 investment in INVA five years ago would be worth approximately $20K today (assuming dividends reinvested). Over 10 years, the gap is even starker: LGND returned +104.3% versus CDT's -100.0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CDT or RPRX or LGND or INVA or BTX?
By beta (market sensitivity over 5 years), Innoviva, Inc. (INVA) is the lower-risk stock at 0.07β versus BlackRock Technology and Private Equity Term Trust's 1.16β — meaning BTX is approximately 1552% more volatile than INVA relative to the S&P 500. On balance sheet safety, Ligand Pharmaceuticals Incorporated (LGND) carries a lower debt/equity ratio of 1% versus 91% for Royalty Pharma plc — giving it more financial flexibility in a downturn.
05Which has better profit margins — CDT or RPRX or LGND or INVA or BTX?
BlackRock Technology and Private Equity Term Trust (BTX) is the more profitable company, earning 87.7% net margin versus -2.4% for Ligand Pharmaceuticals Incorporated — meaning it keeps 87.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BTX leads at 87.7% versus -13.5% for LGND. At the gross margin level — before operating expenses — RPRX leads at 100.0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is CDT or RPRX or LGND or INVA or BTX more undervalued right now?
On forward earnings alone, Royalty Pharma plc (RPRX) trades at 9.8x forward P/E versus 24.6x for Ligand Pharmaceuticals Incorporated — 14.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for INVA: 43.0% to $32.50.
07Which pays a better dividend — CDT or RPRX or LGND or INVA or BTX?
In this comparison, BTX (12.9% yield), RPRX (1.4% yield) pay a dividend. CDT, LGND, INVA do not pay a meaningful dividend and should not be held primarily for income.
08Is CDT or RPRX or LGND or INVA or BTX better for a retirement portfolio?
For long-horizon retirement investors, Royalty Pharma plc (RPRX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.36), 1.4% yield). Both have compounded well over 10 years (RPRX: +16.7%, LGND: +104.3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between CDT and RPRX and LGND and INVA and BTX?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: CDT is a small-cap quality compounder stock; RPRX is a small-cap quality compounder stock; LGND is a small-cap quality compounder stock; INVA is a small-cap deep-value stock; BTX is a small-cap income-oriented stock. RPRX, BTX pay a dividend while CDT, LGND, INVA do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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