Reardon Andrew 4

What Happened

• Andrew Reardon, Chief Legal Officer & Secretary of Ligand Pharmaceuticals (LGND), exercised 5,000 stock options on March 4, 2026, paying $52.27 per share (total cost $261,350) to acquire those shares. On the same day he sold 5,000 shares in multiple open-market transactions for aggregate proceeds of approximately $1,031,771.
• The Form 4 also reports a derivative line showing 5,000 shares disposed at $0 (reported as a conversion/derivative transaction). The primary economic activity reported: an option exercise followed by market sales (net proceeds ~ $1.03M). Sales were executed under a pre-established trading plan.

Key Details

• Transaction date: March 4, 2026; Form filed March 6, 2026 (timely filing).
• Exercise: 5,000 shares at $52.27 each = $261,350 (code M).
• Sales: 5,000 shares sold in multiple trades at weighted-average prices across $197.58–$208.97 (aggregate proceeds ≈ $1,031,771). Specific sale groups have weighted-average price ranges noted in the filing (see footnotes).
• Additional derivative line: 5,000 shares reported disposed at $0 (derivative conversion/disposition).
• Notable footnotes: F1 — transactions executed pursuant to a written Rule 10b5-1 trading plan adopted Nov 24, 2025; F11 — option vesting schedule noted on the filing.
• Shares owned after the transactions: not specified in the summary data provided here (refer to the Form 4 for post-transaction holdings).

Context

• This is a common pattern: an insider exercises vested options and sells the resulting shares under a prearranged 10b5-1 plan. Purchases (option exercise) indicate acquiring shares, but the immediate sales realize gains and are typically routine or for liquidity/tax purposes; the filing itself does not state motivation.
• The filing includes weighted-average sale prices and ranges (footnotes) and a derivative conversion line; for retail investors, the salient point is the exercise plus sizable sale (~$1.03M proceeds) under a 10b5-1 plan.