Ligand Pharmaceuticals Inc director John W. Kozarich sold 467 shares of the company's common stock on March 2, 2026, a Form 4 filed with the Securities and Exchange Commission shows.
The transactions were executed in multiple trades at prices ranging from $197.1397 to $203.57, producing an aggregate transaction value of $93,632. The filing notes that after these sales Kozarich retains direct ownership of 42,720 shares of Ligand common stock.
The filing also states the sales were performed pursuant to a written trading plan Kozarich adopted on March 7, 2025, in accordance with Rule 10b5-1. That framework is commonly used by insiders to schedule trades in advance.
Shares have since climbed to $208.95, trading near a 52-week high of $212.49, after the stock rose about 81% over the past year. Independent valuation commentary cited in the filing indicates InvestingPro currently views the stock as overvalued relative to its Fair Value, even as sell-side analysts retain price targets in a range from $220 to $277.
Recent company results and analyst actions
Ligand reported fourth-quarter 2025 results that outpaced consensus estimates. The company posted earnings per share of $2.02, versus an analyst forecast of $1.49, and reported revenue of $59.7 million compared with an anticipated $55.6 million. For the full year, Ligand recorded $268 million in revenue and $8.13 in full-year adjusted EPS, with core revenue of $240 million.
Analyst reaction included Oppenheimer raising its price target to $277 from $275 while keeping an Outperform rating and citing the company’s royalty outlook. Stifel reiterated a Buy rating and maintained a $230 price target. Separately, Ligand reported fourth-quarter royalty revenue of $50.5 million, a figure the filing says aligned with Oppenheimer’s estimates.
These items - the insider sale under a 10b5-1 plan, the share-price appreciation toward the 52-week high, the InvestingPro valuation view and the analyst price-targets - are presented in regulatory and company disclosures. They collectively describe the recent activity around Ligand stock and the company’s most recently reported financial performance.