Ligand Pharmaceuticals: CLO & secretary Andrew Reardon sold 5,000 shares

What happened

• Andrew Reardon, CLO & secretary, exercised options for 340 shares at $52.27 on Oct 02, 2026, for $17,772. The filing also reports a separate exercise/conversion of 340 shares reported as disposed at $0 (derivative).
• On Oct 02, 2026 he sold 5,000 shares in multiple open-market transactions for aggregate proceeds of $1,520,346. Individual reported tranches: 833 shares at a weighted-average $302.51 for $251,991; 1,976 shares at a weighted-average $303.54 for $599,804; 1,535 shares at a weighted-average $304.52 for $467,431; 404 shares at a weighted-average $306.18 for $123,698; 235 shares at a weighted-average $307.19 for $72,190; and 17 shares at $307.74 for $5,232.

Key details

• Transaction date: Oct 02, 2026. Form filed Oct 06, 2026 (timely).
• Sale prices: weighted averages reported for each tranche; footnotes list price ranges per tranche: $302.14–$303.06; $303.14–$304.12; $304.19–$305.01; $305.71–$306.46; $306.72–$307.54.
• Shares owned after the transaction: not reported in the Form 4 provided.
• Footnotes of note: transactions were made under a written Rule 10b5-1 trading plan adopted Jun 04, 2026; several sales reported as weighted-average prices with ranges; option vesting schedule noted in the filing.

Why it may matter

• The filing shows option exercise(s) and contemporaneous open-market sales on the same date, which is consistent with an exercise followed by sales (cashless exercise and sale).
• Transactions reported as part of a Rule 10b5-1 plan indicate they were executed under a pre-established trading arrangement as disclosed in the filing.
• A filing does not show why the insider traded or why the company acted.