Espinoza Octavio 4

4 · LIGAND PHARMACEUTICALS INC · Filed Mar 6, 2026

Research Summary

AI-generated summary of this filing

Updated Mar 6, 2026

Ligand (LGND) CFO Octavio Espinoza Sells 13,423 Shares

What Happened

Octavio Espinoza, Chief Financial Officer of Ligand Pharmaceuticals (LGND), exercised stock options on March 4, 2026 (1,607 options at $58.49 and 466 options at $80.72), paying ~$131,609 to acquire 2,073 shares. The filing shows the immediate disposition of the related derivative interests (reported at $0).
On the same day he sold a total of 13,423 shares in multiple open-market transactions at prices ranging roughly from $198.37 to $208.95 per share, generating aggregate proceeds of approximately $2.76 million.

Key Details

Transaction date: March 4, 2026; Form 4 filed March 6, 2026 (timely).
Option exercises: 1,607 @ $58.49 ($93,993) and 466 @ $80.72 ($37,616) — options are fully vested (footnote F13).
Open-market sales: 13,423 shares in multiple trades, weighted-average prices reported per group; total proceeds ≈ $2,762,822. Footnotes F2–F12 provide the specific price ranges and note weighted-average pricing.
Derivative dispositions: Two M-code entries for 1,607 and 466 shares reported at $0 (reflects disposition of the option/derivative instrument in the exercise process).
Plan: Transactions were made pursuant to a written Rule 10b5-1 trading plan adopted November 19, 2025 (footnote F1).
Shares owned after transaction: not specified in the supplied data.

Context

This was an exercise of vested options followed by sales the same day (effectively a sell-after-exercise pattern). Because the sales were made under a pre-established 10b5-1 plan, they are scheduled trades rather than ad hoc sales.
For retail investors: purchases (buys) can be a stronger bullish signal than sales; routine option exercises followed by sales are common for executives to cover exercise costs or diversify and do not necessarily indicate a change in view on the company.

Insider Transaction Report

Form 4

Period: 2026-03-04

LIGAND PHARMACEUTICALS INCLGND

Espinoza Octavio

Chief Financial Officer

Transactions

Exercise/Conversion
Common Stock
[F1]
2026-03-04$58.49/sh+1,607$93,993→ 34,619 total
Exercise/Conversion
Common Stock
[F1]
2026-03-04$80.72/sh+466$37,616→ 35,085 total
Sale
Common Stock
[F1][F2]
2026-03-04$198.71/sh−699$138,895→ 34,386 total
Sale
Common Stock
[F1][F3]
2026-03-04$200.08/sh−53$10,604→ 34,333 total
Sale
Common Stock
[F1][F4]
2026-03-04$201.09/sh−698$140,364→ 33,635 total
Sale
Common Stock
[F1][F5]
2026-03-04$201.73/sh−950$191,640→ 32,685 total
Sale
Common Stock
[F1][F6]
2026-03-04$202.79/sh−697$141,343→ 31,988 total
Sale
Common Stock
[F1][F7]
2026-03-04$203.63/sh−668$136,024→ 31,320 total
Sale
Common Stock
[F1][F8]
2026-03-04$204.74/sh−743$152,125→ 30,577 total
Sale
Common Stock
[F1][F9]
2026-03-04$205.79/sh−1,457$299,841→ 29,120 total
Sale
Common Stock
[F1][F10]
2026-03-04$206.89/sh−1,588$328,542→ 27,532 total
Sale
Common Stock
[F1][F11]
2026-03-04$207.91/sh−2,457$510,823→ 25,075 total
Sale
Common Stock
[F1][F12]
2026-03-04$208.80/sh−3,413$712,621→ 21,662 total
Exercise/Conversion
Employee Stock Option (right to buy)
[F1][F13]
2026-03-04−1,607→ 0 total
Exercise: $58.49Exp: 2027-02-24→ Common Stock (1,607 underlying)
Exercise/Conversion
Employee Stock Option (right to buy)
[F1][F13]
2026-03-04−466→ 0 total
Exercise: $80.72Exp: 2026-08-01→ Common Stock (466 underlying)

Footnotes (13)

[F1]The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on November 19, 2025, in accordance with Rule 10b5-1.
[F10]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $206.4700 to $207.3500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
[F11]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $207.4100 to $208.3500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
[F12]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $208.3900 to $208.9500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
[F13]The stock option is fully vested and exercisable.
[F2]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $198.3700 to $199.2500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
[F3]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $199.4400 to $200.0900. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
[F4]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $200.5000 to $201.3400. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
[F5]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $201.4600 to $202.3300. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
[F6]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $202.4000 to $203.0500. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
[F7]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $203.4100 to $203.8600. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
[F8]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $204.4600 to $205.3600. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
[F9]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $205.3700 to $206.3600. The Reporting Person undertakes to provide the Registrant, any securityholder of the Registrant, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Signature

By: /s/ Andrew Reardon, Attorney-in-Fact For: Octavio Espinoza|2026-03-06

Documents

1 file

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