LGND
Ligand Pharmaceuticals Incorporated
NasdaqGMUSDEQUITY
Healthcare
DELAYED
Buy
+46/100
Last price
296.94
▼ 9.83 (3.20%)
MARKET · —
Price
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Tool
1D
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Open
—
Prev close
306.77
Day high
309.41
Day low
293.73
Volume
163.74K
Market cap
$5.92B
P/E (TTM)
31.29
52W range
175.89 – 326.63
Trailing performance
Returnvs SPY
1W
-4.32%
-6.3%
1M
+3.97%
+2.8%
3M
-5.70%
-10.2%
6M
+44.78%
+26.6%
YTD
+57.05%
+42.8%
1Y
+64.06%
+47.6%
3Y
+395.56%
+313.3%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on LGND open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
-12.13K
Net selling
Buy transactions
17
73.55K shares
Sell transactions
13
85.68K shares
Net transactions
+30
Buys less sells
Sell : buy shares
1.2 : 1
Mixed
Insider-held shares
467.09K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 10, 26 | ZIMMERMANN MARTINE Director |
SELL | 1.20K | $342.00K | Direct |
| Sep 3, 26 | REARDON ANDREW THOMAS Officer |
SELL | 5.00K | $1.43M | Direct |
| Aug 12, 26 | HAAS JASON Director |
CONVERSION | 6.14K | $316.48K | Direct |
| Aug 12, 26 | ESPINOZA OCTAVIO Chief Financial Officer |
CONVERSION | 31.64K | $1.80M | Direct |
| Aug 12, 26 | HAAS JASON Director |
SELL | 7.14K | $2.09M | Direct |
| Aug 12, 26 | ESPINOZA OCTAVIO Chief Financial Officer |
SELL | 31.64K | $9.24M | Direct |
| Aug 3, 26 | REARDON ANDREW THOMAS Officer |
CONVERSION | 5.00K | $261.35K | Direct |
| Aug 3, 26 | REARDON ANDREW THOMAS Officer |
SELL | 5.00K | $1.44M | Direct |
| Jul 1, 26 | REARDON ANDREW THOMAS Officer |
CONVERSION | 5.00K | $261.35K | Direct |
| Jul 1, 26 | REARDON ANDREW THOMAS Officer |
SELL | 5.00K | $1.57M | Direct |
| Jun 16, 26 | SABBA STEPHEN L. Director |
CONVERSION | 2.15K | $141.85K | Direct |
| Jun 16, 26 | SABBA STEPHEN L. Director |
SELL | 2.15K | $544.83K | Direct |
| Jun 12, 26 | HAAS JASON Director |
CONVERSION | 4.00K | $206.24K | Direct |
| Jun 12, 26 | HAAS JASON Director |
SELL | 6.46K | $1.65M | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
ARYEH JASON M |
Director | 115.58K | Sale |
DAVIS TODD CLIFTON |
Chief Executive Officer | 199.38K | Stock Award(Grant) |
ESPINOZA OCTAVIO |
Chief Financial Officer | 27.70K | Conversion of Exercise of derivative security |
GRAY NANCY RYAN |
Director | 8.93K | Stock Award(Grant) |
HAAS JASON |
Director | 3.98K | Conversion of Exercise of derivative security |
KOZARICH JOHN W. |
Director | 42.62K | Stock Award(Grant) |
LAMATTINA JOHN L |
Director | 26.97K | Sale |
REARDON ANDREW THOMAS |
Officer | 36.51K | Sale |
SABBA STEPHEN L. |
Director | 33.63K | Conversion of Exercise of derivative security |
ZIMMERMANN MARTINE |
Director | 3.90K | Sale |
Fundamentals
Market cap$5.92B
Enterprise value$5.69B
Revenue (TTM)$290.54M
Gross profit$235.92M
EBITDA$133.01M
Net income$197.22M
EPS (TTM)$9.49
Free cash flow$139.75M
Total cash$1.36B
Total debt$1.13B
Book value / share$48.57
Shares outstanding19.94M
Float19.48M
Short % of float15.83%
Dividend yield0.00%
Beta (5Y)1.01
Valuation & profitability ratios
Trailing P/E31.29
Forward P/E24.85
PEG ratio1.53
Price / sales—
Price / book6.11
EV / revenue19.60
EV / EBITDA42.80
Gross margin81.20%
Operating margin13.49%
Profit margin67.88%
Return on equity21.96%
Return on assets3.99%
Debt / equity116.94
Current ratio31.18
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $268.09M | $167.13M | $131.31M | $196.25M | +60.4% |
| Operating revenue | $268.09M | $167.13M | $131.31M | $196.25M | +60.4% |
| Cost of revenue | $14.55M | $11.07M | $10.51M | $52.83M | +31.4% |
| Gross profit | $253.54M | $156.06M | $120.80M | $143.42M | +62.5% |
| Research & development | $81.18M | $21.43M | $24.54M | $36.08M | +278.9% |
| Selling, general & admin | $92.45M | $78.65M | $52.79M | $70.06M | +17.5% |
| Total operating expense | $206.34M | $133.04M | $110.98M | $140.38M | +55.1% |
| Operating income | $47.20M | $23.02M | $9.82M | $3.04M | +105.0% |
| Net interest income | $8.94M | $5.02M | $7.05M | $247.00K | +78.2% |
| Pre-tax income | $158.96M | $2.52M | $63.66M | $36.01M | +6,212.9% |
| Tax provision | $34.51M | $6.55M | $9.84M | $41.23M | +426.8% |
| Net income | $124.45M | -$4.03M | $52.15M | -$33.36M | +3,186.6% |
| Net income to common | $124.45M | -$4.03M | $52.15M | -$33.36M | +3,186.6% |
| Basic EPS | 6.44 | -0.22 | 3.02 | -1.98 | +3,027.3% |
| Diluted EPS | 6.13 | -0.22 | 2.94 | -1.98 | +2,886.4% |
| EBIT | $163.68M | $5.55M | $64.32M | $37.81M | +2,846.4% |
| EBITDA | $197.45M | $40.79M | $100.84M | $89.34M | +384.0% |
| Basic shares | 19.34M | 18.29M | 17.30M | 16.87M | +5.7% |
| Diluted shares | 20.29M | 18.29M | 17.76M | 16.87M | +11.0% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $174.93M | $72.31M | $22.95M | $45.01M | — | +141.9% |
| Cash & short-term investments | $756.31M | $266.19M | $170.31M | $211.87M | — | +184.1% |
| Accounts receivable | $59.60M | $38.38M | $32.92M | $30.42M | — | +55.3% |
| Inventory | $9.13M | $14.11M | $23.97M | $13.29M | — | -35.3% |
| Total current assets | $832.27M | $331.56M | $237.43M | $263.60M | — | +151.0% |
| Property, plant & equipment | $10.79M | $24.81M | $25.06M | $27.49M | — | -56.5% |
| Goodwill & intangibles | $326.98M | $371.90M | $402.98M | $458.31M | — | -12.1% |
| Total assets | $1.56B | $941.77M | $787.22M | $762.67M | — | +65.7% |
| Total current liabilities | $37.45M | $37.11M | $16.78M | $98.81M | — | +0.9% |
| Current debt | — | — | — | $76.69M | — | — |
| Long-term debt | $446.19M | — | — | — | $320.72M | — |
| Total debt | $451.49M | $7.08M | $6.17M | $87.75M | — | +6,276.1% |
| Total liabilities | $543.42M | $111.33M | $86.30M | $165.18M | — | +388.1% |
| Retained earnings | $608.09M | $498.98M | $503.02M | $450.86M | — | +21.9% |
| Shareholder equity | $1.02B | $830.44M | $700.91M | $597.49M | — | +22.5% |
| Working capital | $794.82M | $294.45M | $220.65M | $164.79M | — | +169.9% |
| Net tangible assets | $690.23M | $458.54M | $297.94M | $139.18M | — | +50.5% |
| Shares issued | 19.77M | 19.11M | 17.56M | 16.95M | — | +3.5% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $124.45M | -$4.03M | $52.15M | -$33.36M | +3,186.6% |
| Depreciation & amortisation | $33.77M | $35.24M | $36.52M | $51.53M | -4.2% |
| Stock-based compensation | $46.85M | $41.09M | $25.74M | $60.28M | +14.0% |
| Change in working capital | -$12.66M | $19.36M | -$34.40M | $65.68M | -165.4% |
| Operating cash flow | $49.36M | $97.05M | $49.58M | $137.85M | -49.1% |
| Capital expenditure | -$11.31M | -$19.64M | -$53.85M | -$17.92M | +42.4% |
| Investing cash flow | -$377.32M | -$143.66M | -$11.68M | $163.62M | -162.6% |
| Share buybacks | -$15.00M | $0 | $0 | $0 | — |
| Financing cash flow | $428.22M | $97.14M | -$59.95M | -$275.99M | +340.8% |
| Free cash flow | $38.05M | $77.41M | -$4.27M | $119.93M | -50.9% |
| End cash position | $174.93M | $72.31M | $22.95M | $45.01M | +141.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $63.69M | $51.72M | $59.67M | $115.46M | $47.63M | +23.1% |
| Operating revenue | $63.69M | $51.72M | $59.67M | $115.46M | $47.63M | +23.1% |
| Cost of revenue | $3.21M | $3.27M | $2.99M | $3.80M | $2.91M | -1.8% |
| Gross profit | $60.48M | $48.45M | $56.67M | $111.66M | $44.72M | +24.8% |
| Research & development | $14.67M | $2.15M | $3.51M | $21.02M | $6.57M | +582.9% |
| Selling, general & admin | $29.12M | $20.84M | $25.03M | $28.45M | $20.18M | +39.8% |
| Total operating expense | $51.89M | $31.08M | $36.63M | $57.56M | $35.00M | +66.9% |
| Operating income | $8.59M | $17.37M | $20.04M | $54.10M | $9.72M | -50.5% |
| Net interest income | $5.55M | $4.91M | $4.61M | $2.96M | $468.00K | +13.1% |
| Pre-tax income | $64.30M | -$24.26M | $56.78M | $141.14M | $11.22M | +365.1% |
| Tax provision | $15.80M | -$10.91M | $12.00M | $23.86M | $6.38M | +244.7% |
| Net income | $48.51M | -$13.35M | $44.78M | $117.27M | $4.85M | +463.5% |
| Net income to common | $48.51M | -$13.35M | $44.78M | $117.27M | $4.85M | +463.5% |
| Basic EPS | 2.42 | -0.67 | 2.27 | 5.99 | 0.25 | +461.2% |
| Diluted EPS | 2.22 | -0.67 | 2.12 | 5.68 | 0.24 | +431.3% |
| EBIT | $66.05M | -$22.51M | $58.56M | $142.05M | $12.38M | +393.4% |
| EBITDA | $74.27M | -$14.30M | $66.78M | $150.32M | $20.90M | +619.5% |
| Basic shares | 20.06M | 19.88M | 19.73M | 19.58M | 19.33M | +0.9% |
| Diluted shares | 21.84M | 19.88M | 21.14M | 20.63M | 19.93M | +9.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $1.01B | $115.08M | $174.93M | $139.38M | $67.67M | +774.8% |
| Cash & short-term investments | $1.37B | $791.56M | $756.31M | $676.94M | $255.30M | +73.2% |
| Accounts receivable | $67.01M | $53.38M | $59.60M | $57.56M | $41.29M | +25.5% |
| Inventory | $8.66M | $11.47M | $9.13M | $9.60M | $12.89M | -24.4% |
| Total current assets | $1.46B | $865.41M | $832.27M | $753.92M | $352.94M | +68.4% |
| Property, plant & equipment | $9.84M | $10.28M | $10.79M | $11.07M | $11.62M | -4.3% |
| Goodwill & intangibles | $310.79M | $318.88M | $326.98M | $335.08M | $351.67M | -2.5% |
| Total assets | $2.19B | $1.53B | $1.56B | $1.48B | $948.60M | +42.7% |
| Total current liabilities | $46.74M | $40.67M | $37.45M | $30.54M | $64.73M | +14.9% |
| Long-term debt | $1.13B | $446.90M | $446.19M | $445.49M | — | +152.1% |
| Total debt | $1.13B | $451.98M | $451.49M | $451.00M | $5.74M | +150.3% |
| Total liabilities | $1.22B | $534.78M | $543.42M | $526.60M | $120.08M | +127.8% |
| Retained earnings | $583.25M | $594.74M | $608.09M | $578.22M | $461.38M | -1.9% |
| Shareholder equity | $967.52M | $997.32M | $1.02B | $950.17M | $828.53M | -3.0% |
| Working capital | $1.41B | $824.75M | $794.82M | $723.38M | $288.21M | +71.0% |
| Net tangible assets | $656.73M | $678.44M | $690.23M | $615.10M | $476.86M | -3.2% |
| Shares issued | 19.92M | 20.03M | 19.77M | 19.66M | 19.41M | -0.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $48.51M | -$13.35M | $44.78M | $117.27M | $4.85M | +463.5% |
| Depreciation & amortisation | $8.21M | $8.22M | $8.21M | $8.27M | $8.52M | -0.0% |
| Stock-based compensation | $13.65M | $10.60M | $14.27M | $14.75M | $10.00M | +28.9% |
| Change in working capital | -$7.00M | $5.88M | $9.29M | -$10.62M | -$6.17M | -219.0% |
| Operating cash flow | $24.02M | $48.69M | $45.91M | $13.09M | $15.80M | -50.7% |
| Capital expenditure | -$2.67M | -$228.00K | -$659.00K | -$8.41M | -$214.00K | -1,069.3% |
| Investing cash flow | $321.12M | -$94.35M | -$18.10M | -$353.44M | -$10.67M | +440.4% |
| Share buybacks | — | — | $0 | -$15.00M | — | — |
| Financing cash flow | $546.43M | -$14.13M | $8.33M | $409.64M | $14.99M | +3,966.4% |
| Free cash flow | $21.35M | $48.46M | $45.26M | $4.68M | $15.59M | -55.9% |
| End cash position | $1.01B | $115.09M | $174.93M | $139.38M | $67.67M | +774.7% |
Options analytics
Put / call volume
0.27
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
180.00
-39.4% from spot
ATM implied vol
1.6%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
15
Contracts, this expiry
Put volume
4
Contracts, this expiry
Heaviest call OI
180.00
0 contracts
Heaviest put OI
230.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 1.95 | 2.37 | +21.5% |
| Mar 2026 | 1.80 | 1.63 | -9.6% |
| Dec 2025 | 1.50 | 2.02 | +34.9% |
| Sep 2025 | 1.93 | 3.09 | +60.5% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 2.31 | 10 | $78.01M | -32.4% |
| Next quarter | 2.99 | 10 | $96.55M | +61.8% |
| Current year | 9.31 | 10 | $289.64M | +8.0% |
| Next year | 11.95 | 10 | $381.49M | +31.7% |
Analyst targets & ownership
Mean target$344.25
High target$397.00
Low target$247.00
Implied upside15.93%
Analyst count12
ConsensusSTRONG BUY
Strong buy / Buy3 / 8
Hold0
Sell / Strong sell0 / 0
Held by insiders2.34%
Held by institutions116.13%
Institutions holding550
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
304.52
-2.49% from price
SMA 20
294.83
+0.72% from price
SMA 50
291.85
+1.74% from price
SMA 100
280.95
+5.69% from price
SMA 200
242.84
+22.28% from price
EMA 12
300.91
-1.32% from price
EMA 26
296.36
+0.20% from price
EMA 50
291.64
+1.82% from price
RSI (14)
50.7
Neutral
MACD (12,26,9)
4.55
Hist 0.62
ATR (14)
10.15
3.42% of price
Realised vol 30D
27.1%
Annualised
Bollinger upper
317.75
20, 2σ
Bollinger lower
271.90
20, 2σ
50 / 200 cross
Golden
291.85 vs 242.84
Trend bias
Above 200
+22.28%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.77
Less volatile than market
Correlation to SPY
0.27
Largely independent
Realised vol 30D
27.1%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-14.7%
Peak to trough
Max drawdown 5Y
-55.1%
Peak to trough
ATR 14
10.15
3.42% of price
Beta (reported)
1.01
5Y monthly, from filing
Short interest
Shares short
2.63M
Prior 2.45M
Change vs prior
+7.5%
Shorts adding
% of float
15.83%
Elevated
% of shares out
13.20%
Against total outstanding
Days to cover
14.1
Crowded exit
Float
19.48M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 25, 26 | Barclays | INITIATED | — | Overweight |
| Sep 24, 26 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Sep 23, 26 | Citigroup | MAINTAINED | Buy | Buy |
| Aug 14, 26 | Leerink Partners | INITIATED | — | Outperform |
| Aug 7, 26 | RBC Capital | MAINTAINED | Outperform | Outperform |
| Aug 6, 26 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Aug 3, 26 | Oppenheimer | MAINTAINED | Outperform | Outperform |
| Jul 15, 26 | RBC Capital | MAINTAINED | Outperform | Outperform |
| Jul 9, 26 | B of A Securities | MAINTAINED | Buy | Buy |
| Jul 8, 26 | Stifel | MAINTAINED | Buy | Buy |
| May 8, 26 | RBC Capital | MAINTAINED | Outperform | Outperform |
| Apr 30, 26 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend dateJul 2, 2010
Next pay date—
Last split1603:1000
Split dateNov 2, 2022
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-24
Corporate Changes & Voting Matters
8-K · 2026-09-22
Corporate Changes & Voting Matters
8-K/A · 2026-09-02
Periodic Financial Reports
10-Q · 2026-08-07
Corporate Changes & Voting Matters
8-K · 2026-08-06
Offering Registrations
S-8 · 2026-07-22
Corporate Changes & Voting Matters
8-K · 2026-07-14
Corporate Changes & Voting Matters
8-K · 2026-06-25
Headlines
Is Ligand Pharmaceuticals (LGND) Below Fair Value As It Funds AvenCell?
Simply Wall St. · 8d ago
Ligand Pharmaceuticals (LGND) Stock May Be 27% Undervalued After A New Royalty Deal
Simply Wall St. · 8d ago
Is Ligand Pharmaceuticals (LGND) Using AvenCell CAR-T Royalties To Redefine Its Cash-Flow Playbook?
Simply Wall St. · 8d ago
Ligand (LGND)-AvenCell Deal: Most of the Funding Is Tied to Milestones
Insider Monkey · 10d ago
Twilio downgraded, Synopsys upgraded: Wall Street's top analyst calls
The Fly · 12d ago
Barclays Initiates Ligand Pharmaceuticals at Overweight With $345 Price Target
MT Newswires · 12d ago
Ligand Pharmaceuticals Invests Up to $47 Million in AvenCell
MT Newswires · 13d ago
Ligand and AvenCell Therapeutics Enter Financing Agreement to Advance Pipeline of Next-Generation CAR-T Therapies for Up to $47 Million
GlobeNewswire · 13d ago
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