Ligand (NASDAQ: LGND) CLO sells 5,000 shares, exercises options
Rhea-AI Filing Summary
Ligand Pharmaceuticals’ CLO and Secretary Andrew Reardon reported a set of planned insider trades in company common stock. On June 1, 2026, he exercised employee stock options for 5,000 shares at an exercise price of $52.27 per share, converting them into common stock.
On the same date, he executed open‑market sales totaling 5,000 shares of common stock in multiple transactions, at reported weighted‑average prices that include $230.41, $229.47, $228.57 and $223.95 per share. After these transactions, he directly holds 41,382 shares of Ligand common stock. The filing notes that these trades were carried out under a pre‑arranged Rule 10b5‑1 trading plan adopted on November 24, 2025.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Exercise and Sale: 5,000 shares ($874K approx. pre-tax spread)
Exercise and Sale
9 txns
Insider
Reardon Andrew
Role
CLO & Secretary
Sold
5,000 shs ($1.14M)
Approx. gross sale proceeds
$1.14M
Approx. exercise cost
$261K
Approx. pre-tax spread
$874K
| 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 | 491 | $223.9467 | $110K |
| Sale | Common Stock | 677 | $225.1983 | $152K |
| Sale | Common Stock | 1,432 | $225.9672 | $324K |
| Sale | Common Stock | 400 | $226.7794 | $91K |
| Sale | Common Stock | 584 | $228.5738 | $133K |
| Sale | Common Stock | 1,216 | $229.4676 | $279K |
| Sale | Common Stock | 200 | $230.41 | $46K |
Holdings After Transaction:
Employee Stock Option (right to buy) — 39,444 shares (Direct);
Common Stock — 41,382 shares (Direct)
Footnotes (8)
- 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 $223.4250 to $224.3800. 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.
- F3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $224.5100 to $225.4600. 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 $225.5200 to $226.3700. 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 $226.5250 to $227.0100. 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.
- F6. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $228.0500 to $228.9650. 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 $229.0900 to $230.0000. 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 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
Sale price example: $230.41 per share
Options exercised: 5,000 shares
+5 more
8 metrics
Shares sold
5,000 shares
Total Ligand common stock sold on June 1, 2026
Sale price example
$230.41 per share
Weighted-average price for one reported sale block
Options exercised
5,000 shares
Employee stock options converted into common stock
Option exercise price
$52.27 per share
Exercise price of employee stock option
Post-transaction holdings
46,382 shares
Common stock directly owned after June 1, 2026 trades
Option expiration
August 1, 2032
Expiration date of the employee stock option
Price range footnote low
$223.4250 per share
Lowest sale price range noted in weighted-average footnotes
Price range footnote high
$230.0000 per share
Highest sale price range noted in weighted-average footnotes
Key Terms
Rule 10b5-1, weighted-average price, Employee Stock Option (right to buy), derivative exercise/conversion, +1 more
5 terms
Rule 10b5-1 regulatory
"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.
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.
Employee Stock Option (right to buy) financial
"security_title: "Employee Stock Option (right to buy)""
derivative exercise/conversion financial
"transaction_action: "derivative exercise/conversion""
open-market sale financial
"transaction_action: "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transactions did Ligand (LGND) CLO Andrew Reardon report?
Andrew Reardon reported exercising stock options for 5,000 Ligand shares and selling 5,000 shares in open‑market transactions. All trades occurred on June 1, 2026, and were executed under a pre‑arranged Rule 10b5‑1 trading plan.
Were Andrew Reardon’s Ligand (LGND) stock sales discretionary or pre‑planned?
The filing states the transactions were made under a written trading plan adopted on November 24, 2025, in accordance with Rule 10b5‑1. Such pre‑planned arrangements typically automate trades according to preset instructions rather than ad‑hoc market timing decisions.
What are the key option terms in Andrew Reardon’s Ligand (LGND) Form 4?
The exercised employee stock option covered 5,000 underlying common shares at a $52.27 exercise price, with an expiration date of August 1, 2032. Footnotes explain the option’s vesting schedule, including an initial 12.5% vesting and subsequent monthly installments.