Andrew Reardon, who serves as Chief Legal Officer and Secretary at Ligand Pharmaceuticals INC (NASDAQ:LGND), reported a sale of 4,858 shares of the company's common stock on March 4, 2026. The total proceeds from that sale amounted to $1,031,770, with individual trade prices ranging from $197.6954 to $208.8724.
On the same date, Reardon also exercised stock options to acquire 5,000 additional shares of Ligand stock at an exercise price of $52.27 per share, representing a total purchase cost of $261,350 for those optioned shares. Following both the disposition and the exercise transactions, Reardon directly holds 36,869 shares of Ligand Pharmaceuticals common stock.
The disposition of the 4,858 shares was executed in accordance with a pre-arranged trading plan that Reardon adopted on November 24, 2025.
Separately from the insider transactions, Ligand released its fourth-quarter results for 2025 and provided full-year figures. For the quarter, the company reported adjusted earnings per share (EPS) of $2.02, exceeding the analyst forecast of $1.49. Quarterly revenue came in at $59.7 million versus an expected $55.59 million. On a full-year basis, Ligand posted revenue of $268 million, with core revenue measured at $240 million, and delivered full-year adjusted EPS of $8.13.
Analyst reactions noted in company updates included Oppenheimer raising its price target to $277 while maintaining an Outperform rating, citing a favorable view of the company's royalty asset base. Stifel reiterated a Buy rating on the shares with a price target of $230. Ligand's royalty revenue for the fourth quarter was reported at $50.5 million, a figure described as aligned with Oppenheimer's estimates.
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