Andrew Reardon, the Chief Legal Officer and Secretary at Ligand Pharmaceuticals INC (NASDAQ: LGND), completed a block sale of 4,990 shares of common stock on April 1, 2026, generating proceeds of $1,006,224. The disposals were executed at a weighted average price range between $198.8493 and $204.5026 per share.
On the same date, Reardon exercised stock options that allowed him to acquire 5,000 shares at an exercise price of $52.27 per share, representing a cash outlay of $261,350 for those newly acquired shares.
After both the sale and the option exercise were recorded, Reardon holds 41,382 shares of Ligand Pharmaceuticals directly.
The public filing indicates the sale of shares was carried out pursuant to a pre-arranged trading plan that Reardon adopted on November 24, 2025.
Ligand’s recent insider activity arrives alongside the company’s strong financial disclosure for the fourth quarter and full year of 2025. For Q4 2025, Ligand reported adjusted earnings per share of $2.02, which exceeded the consensus estimate of $1.49. Quarterly revenue totaled $59.7 million, topping the consensus revenue estimate of $55.6 million.
For the full year, Ligand recorded revenue of $268 million and core revenue of $240 million, with an adjusted EPS of $8.13. The company’s royalty revenue for the fourth quarter was reported at $50.5 million, a figure noted as consistent with Oppenheimer’s projections.
Responding to the quarterly release, Oppenheimer raised its price target on Ligand to $277 while maintaining an Outperform rating. Stifel reiterated a Buy rating and kept its price target at $230.
InvestingPro metrics assign Ligand a "GREAT" financial health score, and the platform lists 11 additional ProTips available to subscribers that include analysis on profitability and valuation multiples.
The filing and the earnings report together document both an insider liquidity event executed under an advance plan and recent operational results that have been met with analyst support. The public record specifies the transaction details, the precise exercise price and proceeds, the timing of the pre-arranged trading plan, and the company’s reported financial metrics for Q4 and the full year 2025.