Sabba Stephen L 4

What Happened
Stephen L. Sabba, a director of Ligand Pharmaceuticals, sold 1,000 shares in an open-market transaction on March 23, 2026. The sale was executed at an average price of $207.87 per share (details below), producing gross proceeds of approximately $207,873. This was a sale, not a purchase or option exercise.

Key Details

• Transaction date: March 23, 2026; Form 4 filed March 25, 2026 (reporting period 2026-03-23). No late filing is indicated in the provided data.
• Transaction type: Open-market sale (code S).
• Shares sold: 1,000 shares for total proceeds of ~$207,873.
• Price: Average $207.87 per share. Breakdown of trades used to compute the average (per filing footnote): 100 shares @ $208.055; 17 shares @ $207.98; 883 shares @ $207.85.
• Shares owned after transaction: Not specified in the excerpt provided.
• Notable footnote: The filing also references 1,209 restricted shares awarded at the June 6, 2025 board meeting (previously reported) that are included in the filing to show they will vest in full within six months from the Form 4 date. This is separate from the open-market sale.

Context
Open-market sales by directors can reflect many personal or portfolio reasons and do not, by themselves, indicate a change in view on the company. Purchases tend to be more informative about insider sentiment; this filing documents a routine director sale and the pending vesting of a small restricted-share grant.