Ligand CLO Reardon nets 5,000-share sale
Ligand Pharmaceuticals’ CLO & Secretary Andrew Reardon reported a pre-planned option exercise and share sale.
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Form Type
4
Rhea-AI Filing Summary
Ligand Pharmaceuticals’ CLO & Secretary Andrew Reardon reported a pre-planned option exercise and share sale. On May 1, 2026, he exercised employee stock options for 5,000 shares of common stock at $52.27 per share and sold 5,000 shares of common stock in open-market transactions at weighted-average prices ranging from about $227 to $234 per share. The filing notes these trades were made under a Rule 10b5-1 trading plan adopted on November 24, 2025, indicating they were scheduled in advance rather than timed discretionarily.
Insider Trade Summary 10b5-1
Exercise and Sale: 5,000 shares ($895K approx. pre-tax spread)
Exercise and Sale
9 txns
Insider
Reardon Andrew
Role
CLO & Secretary
Sold
5,000 shs ($1.16M)
Approx. gross sale proceeds
$1.16M
Approx. exercise cost
$261K
Approx. pre-tax spread
$895K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to buy) | 5,000 | $0.00 | $0.00 |
| Exercise | Common Stock | 5,000 | $52.27 | $261K |
| Sale | Common Stock | 600 | $227.4493 | $136K |
| Sale | Common Stock | 932 | $228.7537 | $213K |
| Sale | Common Stock | 98 | $229.7086 | $23K |
| Sale | Common Stock | 370 | $230.8692 | $85K |
| Sale | Common Stock | 780 | $232.0399 | $181K |
| Sale | Common Stock | 1,420 | $232.922 | $331K |
| Sale | Common Stock | 800 | $234.0177 | $187K |
Holdings After Transaction:
Employee Stock Option (right to buy) — 44,444 contracts (Direct);
Common Stock — 41,382 shares (Direct)
Footnotes (9)
- F1. The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on November 24, 2025, in accordance with Rule 10b5-1.
- F2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $227.0400 to $227.9200. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- F3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $228.4000 to $229.3000. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- F4. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $229.4000 to $230.3800. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- F5. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $230.4300 to $231.3500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- F6. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $231.5200 to $232.4900. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- F7. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $232.5400 to $233.3300. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- F8. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $233.8200 to $234.1100. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- F9. The stock option vests and is exercisable as to 12.5% of the underlying shares on February 1, 2023, and in 42 substantially equal monthly installments thereafter.
Key Figures
Shares sold: 5,000 shares
Option exercise size: 5,000 shares
Option exercise price: $52.27 per share
+3 more
6 metrics
Shares sold
5,000 shares
Common stock sold in open-market transactions on May 1, 2026
Option exercise size
5,000 shares
Employee stock options exercised into common stock on May 1, 2026
Option exercise price
$52.27 per share
Exercise price for employee stock option
Sale price range
$227.04–$234.11 per share
Weighted-average sale price ranges across multiple tranches
10b5-1 plan adoption date
November 24, 2025
Date written trading plan was adopted
Option expiration
August 1, 2032
Expiration date of employee stock option before exercise
Key Terms
Rule 10b5-1, weighted-average price, Employee Stock Option (right to buy), derivative security, +1 more
5 terms
Rule 10b5-1 regulatory
"adopted by the Reporting Person on November 24, 2025, in accordance with Rule 10b5-1"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
weighted-average price financial
"The price reported in Column 4 is a weighted-average price."
Weighted-average price is the average of multiple prices where each price is counted according to its size or importance—larger trades carry more weight than smaller ones, like averaging course grades by credit hours. It matters to investors because it gives a more realistic picture of the true price paid or received, helping assess trade execution, compare performance, calculate cost basis, and value positions more accurately than a simple average.
Employee Stock Option (right to buy) financial
"security_title": "Employee Stock Option (right to buy)""
derivative security financial
"Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
Common Stock financial
"security_title": "Common Stock""
Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did LGND CLO Andrew Reardon report on May 1, 2026?
Andrew Reardon reported exercising options for 5,000 shares of Ligand Pharmaceuticals common stock and selling 5,000 shares in open-market transactions on May 1, 2026, according to the Form 4 filing.
Did Andrew Reardon exercise stock options in the latest LGND Form 4?
Yes. He exercised employee stock options covering 5,000 shares of Ligand Pharmaceuticals common stock at an exercise price of $52.27 per share, converting his option position into actual shares before the reported sales.
Were Andrew Reardon’s LGND stock sales made under a Rule 10b5-1 plan?
Yes. The filing states all reported transactions were executed under a written trading plan adopted on November 24, 2025, in accordance with Rule 10b5-1, meaning the trades were pre-scheduled rather than timed opportunistically.
What type of securities are involved in Andrew Reardon’s LGND Form 4?
The Form 4 covers Ligand Pharmaceuticals common stock and an employee stock option. The option gave the right to buy 5,000 common shares at $52.27 per share and had an expiration date of August 1, 2032, before this exercise.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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