Ligand CLO sells 5,000 shares above $308
Ligand Pharmaceuticals CLO & Secretary Andrew Reardon reported an exercise-and-sell transaction in company stock.
Rhea-AI Filing Summary
Ligand Pharmaceuticals CLO & Secretary Andrew Reardon reported an exercise-and-sell transaction in company stock. On July 1, 2026, he exercised 5,000 stock options at $52.27 per share and sold 5,000 shares of common stock in multiple open-market trades at prices generally around the low-to-mid $300s. The filing notes these transactions were made under a pre-arranged Rule 10b5-1 trading plan. On June 30, 2026, he also acquired 132 shares through the Ligand Employee Stock Purchase Plan in an exempt transaction, and he continues to hold a substantial direct equity stake after these trades.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Exercise and Sale: 5,000 shares ($1.31M approx. pre-tax spread)
Exercise and Sale
11 txns
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
$1.31M
| 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 | 396 | $308.9886 | $122K |
| Sale | Common Stock | 104 | $310.2023 | $32K |
| Sale | Common Stock | 1,119 | $311.72 | $349K |
| Sale | Common Stock | 1,081 | $312.2784 | $338K |
| Sale | Common Stock | 700 | $313.4574 | $219K |
| Sale | Common Stock | 100 | $314.5788 | $31K |
| Sale | Common Stock | 900 | $315.7775 | $284K |
| Sale | Common Stock | 600 | $317.1517 | $190K |
| Other | Common Stock | 132 | $160.7095 | $21K |
Holdings After Transaction:
Employee Stock Option (right to buy) — 34,444 contracts (Direct);
Common Stock — 41,514 shares (Direct)
Footnotes (11)
- F1. These shares were acquired under the Ligand Employee Stock Purchase Plan in transactions that were exempt under both Rule 16b-3(d) and Rule 16b-3(c).
- F2. 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.
- F3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $308.6300 to $309.6000. 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 $310.0100 to $310.2100. 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 $311.0900 to $312.0400. 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 $312.1050 to $312.5300. 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 $313.1300 to $314.0100. 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 $314.3100 to $314.5900. 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 price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $315.4400 to $316.2600. 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.
- F10. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $316.7000 to $317.4300. 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.
- F11. 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
Options exercised: 5,000 shares
Option strike price: $52.27 per share
+5 more
8 metrics
Shares sold
5,000 shares
Total common shares sold in open-market transactions on July 1, 2026
Options exercised
5,000 shares
Employee stock options exercised into common stock on July 1, 2026
Option strike price
$52.27 per share
Exercise price for 5,000 employee stock options
Sale price range (low)
$308.63 per share
Lower end of reported weighted-average sale ranges in July 1, 2026 trades
Sale price range (high)
$317.43 per share
Upper end of reported weighted-average sale ranges in July 1, 2026 trades
ESPP acquisition
132 shares
Common shares acquired June 30, 2026 under Employee Stock Purchase Plan
10b5-1 plan adoption date
November 24, 2025
Date the written trading plan governing these sales was adopted
Option expiration
August 1, 2032
Expiration date of the employee stock option that was exercised
Key Terms
Rule 10b5-1, Employee Stock Purchase Plan, Employee Stock Option (right to buy), weighted-average price, +2 more
6 terms
Rule 10b5-1 regulatory
"transactions were made pursuant to a written trading plan 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.
Employee Stock Purchase Plan financial
"These shares were acquired under the Ligand Employee Stock Purchase Plan in transactions that were exempt"
An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.
Employee Stock Option (right to buy) financial
"security_title: "Employee Stock Option (right to buy)" with underlying security title Common Stock"
weighted-average price financial
"The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions"
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.
Rule 16b-3(d) regulatory
"transactions that were exempt under both Rule 16b-3(d) and Rule 16b-3(c)"
Rule 16b-3(d) is a narrow SEC safe-harbor that shields company insiders (officers, directors and large shareholders) from liability for short‑swing profits when their buys or sells of company stock are made under a pre-established, written plan or contract that removes the insider’s ability to time trades. For investors, this matters because it permits predictable, automated insider transactions — like scheduled sales for diversification or payroll withholding — without triggering forced disgorgement, so such planned trades are treated differently from opportunistic insider trading.
open market or private transaction financial
"transaction_code_description: "Sale in open market or private transaction" for common stock sales"
FAQ
What did Ligand (LGND) executive Andrew Reardon do in this Form 4 filing?
Andrew Reardon exercised 5,000 stock options and sold 5,000 shares of Ligand common stock. The sales occurred in multiple open-market trades at prices in the low-to-mid $300s and were executed under a pre-arranged Rule 10b5-1 trading plan.
How many Ligand (LGND) stock options did Andrew Reardon exercise and at what strike price?
Reardon exercised 5,000 employee stock options covering Ligand common stock at a strike price of $52.27 per share. These options are described as an employee stock option right to buy, with an expiration date in 2032 and a vesting schedule outlined in the footnotes.
Was Andrew Reardon’s Ligand (LGND) stock sale part of a Rule 10b5-1 trading plan?
Yes. The filing states the transactions were made under a written trading plan adopted on November 24, 2025, in accordance with Rule 10b5-1. Such plans pre-schedule trades, indicating the timing of these sales was set in advance rather than decided opportunistically.
What is the remaining option position or derivative exposure for Andrew Reardon after these Ligand (LGND) trades?
The filing’s derivative section shows an employee stock option covering 5,000 shares being exercised, with no remaining derivative positions listed in the derivative summary. This suggests the reported option grant was fully exercised in connection with the July 1, 2026 transaction.
AI-generated analysis. How Rhea-AI works. Not financial advice.
