KOZARICH JOHN W 4

What Happened

• John W. Kozarich, a director of Ligand Pharmaceuticals (LGND), sold a total of 467 shares in multiple open-market transactions on April 1, 2026. The individual lots reported were: 146 shares @ $199.97 ($29,196); 40 shares @ $201.24 ($8,049); 79 shares @ $202.42 ($15,991); 43 shares @ $202.91 ($8,725); and 159 shares @ $204.26 ($32,478), for aggregate proceeds of approximately $94,439. These were sales (not purchases) and therefore are not a bullish signal; they were executed pursuant to a pre-existing trading plan.

Key Details

• Transaction date: 2026-04-01 (Form 4 filed 2026-04-02 — appears to be timely).
• Prices: reported as weighted-average prices by lot; per footnotes the sale-price ranges were: $199.6900–$200.3150, $201.0050–$201.4650, $202.0750–$202.6400, $202.8550–$203.6550, and $204.0050–$204.5400. The reporter offers to provide a per-price breakdown on request.
• Shares sold: 467 total; Aggregate proceeds ≈ $94,439.
• Shares owned after the transaction: not stated in the provided filing excerpt.
• Notable footnotes: F1 — sales were made under a written Rule 10b5-1 trading plan adopted March 7, 2025; F2–F6 — prices are weighted averages with ranges and an undertaking to disclose per-price details if requested.
• Filing timeliness: Form filed the next day (2026-04-02), which is within the usual two-business-day Form 4 deadline.

Context

• Because these sales were executed under a Rule 10b5-1 plan (a pre-scheduled trading arrangement), they may reflect a pre-set liquidity plan rather than a reaction to recent company developments. Sales are common for insiders for diversification or tax/planning reasons; purchases are generally more informative about insider conviction.