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Ligand Pharmaceuticals: Reardon sells 5,000 shares

The 13 reported sales and option exercise were made under a written Rule 10b5-1 plan adopted June 4, 2026.

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Form Type
4

Rhea-AI Filing Summary

Andrew Reardon, Ligand Pharmaceuticals’ CLO & Secretary, exercised employee stock options for 5,000 common shares at a $52.27 exercise price on November 2, 2026, and sold 5,000 shares across 13 reported sales. The transactions were made under a written Rule 10b5-1 trading plan adopted June 4, 2026. Reardon held 24,104 employee stock options following the exercise.

Insider Reardon Andrew
Role CLO & Secretary
Sold 5,000 shs ($1.57M)
Approx. gross sale proceeds $1.57M
Approx. exercise cost $261K
Approx. pre-tax spread $1.30M
Share of Position Sold 13.6%
Type Security Shares Price Value
Exercise Employee Stock Option (right to buy) F14 5,000 $0.00 $0.00
Exercise Common Stock F1 5,000 $52.27 $261K
Sale Common Stock F1, F2 283 $307.3917 $87K
Sale Common Stock F1, F3 708 $308.4308 $218K
Sale Common Stock F1, F4 522 $309.9097 $162K
Sale Common Stock F1, F5 490 $310.6149 $152K
Sale Common Stock F1, F6 520 $311.7178 $162K
Sale Common Stock F1, F7 634 $312.8543 $198K
Sale Common Stock F1, F8 403 $313.7492 $126K
Sale Common Stock F1 80 $314.58 $25K
Sale Common Stock F1, F9 280 $317.9071 $89K
Sale Common Stock F1, F10 440 $318.7265 $140K
Sale Common Stock F1, F11 320 $319.9698 $102K
Sale Common Stock F1, F12 200 $321.44 $64K
Sale Common Stock F1, F13 120 $323.1433 $39K
Holdings After Transaction: Employee Stock Option (right to buy) — 24,104 contracts (Direct); Common Stock — 31,854 shares (Direct)
Holdings Before and After: Employee Stock Option (right to buy), 29,104 to 24,104 contracts (Direct); Common Stock, 31,854 to 31,854 shares (Direct)
Other Insiders: 1 other insider reported open-market sales of this stock in the 30 days up to this filing.
Footnotes (14)
  1. F1. The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on June 4, 2026, in accordance with Rule 10b5-1.
  2. F2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $306.62 to $307.40. 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.
  3. F3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $308.16 to $309.15. 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.
  4. F4. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $309.25 to $310.24. 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.
  5. F5. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $310.26 to $311.08. 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.
  6. F6. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $311.33 to $312.24. 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.
  7. F7. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $312.33 to $313.32. 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.
  8. F8. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $313.39 to $314.14. 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.
  9. F9. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $317.25 to $318.17. 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.
  10. F10. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $318.48 to $319.12. 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.
  11. F11. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $319.63 to $320.16. 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.
  12. F12. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $320.94 to $321.88. 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.
  13. F13. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $323.01 to $323.41. 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.
  14. F14. 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.
Employee stock options exercised 5,000 options November 2, 2026
Exercise price $52.27 per share Options exercised November 2, 2026
Common shares sold 5,000 shares Across 13 sales on November 2, 2026
Reported sale prices $307.3917–$323.1433 per share Sale-price entries reported for November 2, 2026
Employee stock options following exercise 24,104 options Following the November 2, 2026 exercise
Rule 10b5-1 regulatory
"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.
stock option financial
"The stock option vests and is exercisable"
A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many LGND shares did Andrew Reardon sell?
Andrew Reardon reported selling 5,000 shares across 13 sales on November 2, 2026. The reported sale prices ranged from $307.3917 to $323.1433 per share; footnotes describe 12 of the sale-price entries as weighted averages for multiple trades.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →
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SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Reardon Andrew
(Last)(First)(Middle)
7111 FAIRWAY DRIVE
SUITE 302
(Street)
PALM BEACH GARDENS FLORIDA 33418
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
LIGAND PHARMACEUTICALS INC [ LGND ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
CLO & Secretary
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
11/02/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock11/02/2026M5,000(1)A$52.2736,854D
Common Stock11/02/2026S283(1)D$307.3917(2)36,571D
Common Stock11/02/2026S708(1)D$308.4308(3)35,863D
Common Stock11/02/2026S522(1)D$309.9097(4)35,341D
Common Stock11/02/2026S490(1)D$310.6149(5)34,851D
Common Stock11/02/2026S520(1)D$311.7178(6)34,331D
Common Stock11/02/2026S634(1)D$312.8543(7)33,697D
Common Stock11/02/2026S403(1)D$313.7492(8)33,294D
Common Stock11/02/2026S80(1)D$314.5833,214D
Common Stock11/02/2026S280(1)D$317.9071(9)32,934D
Common Stock11/02/2026S440(1)D$318.7265(10)32,494D
Common Stock11/02/2026S320(1)D$319.9698(11)32,174D
Common Stock11/02/2026S200(1)D$321.44(12)31,974D
Common Stock11/02/2026S120(1)D$323.1433(13)31,854D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (right to buy)$52.2711/02/2026M5,000 (14)08/01/2032Common Stock5,000$024,104D
Explanation of Responses:
1. The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on June 4, 2026, in accordance with Rule 10b5-1.
2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $306.62 to $307.40. 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.
3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $308.16 to $309.15. 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.
4. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $309.25 to $310.24. 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.
5. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $310.26 to $311.08. 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.
6. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $311.33 to $312.24. 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.
7. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $312.33 to $313.32. 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.
8. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $313.39 to $314.14. 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.
9. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $317.25 to $318.17. 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.
10. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $318.48 to $319.12. 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.
11. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $319.63 to $320.16. 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.
12. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $320.94 to $321.88. 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.
13. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $323.01 to $323.41. 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.
14. 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.
Remarks:
/s/Andrew Reardon11/04/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

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