Reardon Andrew 4
4 · LIGAND PHARMACEUTICALS INC · Filed Jun 2, 2026
Research Summary
AI-generated summary of this filing
Ligand (LGND) CLO Andrew Reardon Exercises Options, Sells Shares
What Happened
- Andrew Reardon, Chief Legal Officer & Secretary of Ligand Pharmaceuticals (LGND), exercised 5,000 option-based shares at $52.27 per share (total cost $261,350) on June 1, 2026, and sold 5,000 shares in multiple open-market transactions that generated approximately $1,135,316 in gross proceeds. The filing also shows a derivative-related line reporting 5,000 shares disposed at $0 (reported as a derivative transaction).
Key Details
- Transaction date: June 1, 2026.
- Exercise: 5,000 shares exercised at $52.27 each — $261,350 total.
- Open-market sales: seven grouped trades totaling 5,000 shares and ~$1,135,316 in proceeds. Weighted-average sale prices by trade were reported (see ranges below).
- Reported sale price ranges (per footnotes): sales occurred across price ranges of roughly $223.4250 to $230.00 per share (different trades use weighted-average prices; footnotes F2–F7 provide exact price ranges for each grouped sale).
- Additional derivative entry: 5,000 shares shown as disposed at $0 (reported with code M); filing includes option vesting schedule (footnote F8).
- Plan/authorization: Transactions were executed per a written 10b5-1 trading plan adopted Nov 24, 2025 (footnote F1).
- Shares owned after the reported transactions: not disclosed in the provided portion of the filing.
- Filing timeliness: filing date 2026-06-02 for transactions on 2026-06-01 — not indicated as late.
Context
- Code M indicates exercise/conversion of derivative securities (options). Here Reardon exercised options (paid $52.27 per share) and sold an equal number of shares in the open market the same day; the filing does not state whether the sales were part of a cashless exercise or separate transactions beyond the 10b5-1 plan disclosure.
- The 10b5-1 plan note means the sales were made under a prearranged trading plan, which is common for insiders to avoid trading-window timing issues; it does not imply management views.
- Retail investors often watch insider purchases as a stronger signal than sales; these transactions show an option exercise (acquisition) followed by market sales that generated roughly $1.14M in proceeds.
Insider Transaction Report
Form 4
Reardon Andrew
CLO & Secretary
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-06-01$52.27/sh+5,000$261,350→ 46,382 total - Sale
Common Stock
[F1][F2]2026-06-01$223.95/sh−491$109,958→ 45,891 total - Sale
Common Stock
[F1][F3]2026-06-01$225.20/sh−677$152,459→ 45,214 total - Sale
Common Stock
[F1][F4]2026-06-01$225.97/sh−1,432$323,585→ 43,782 total - Sale
Common Stock
[F1][F5]2026-06-01$226.78/sh−400$90,712→ 43,382 total - Sale
Common Stock
[F1][F6]2026-06-01$228.57/sh−584$133,487→ 42,798 total - Sale
Common Stock
[F1][F7]2026-06-01$229.47/sh−1,216$279,033→ 41,582 total - Sale
Common Stock
[F1]2026-06-01$230.41/sh−200$46,082→ 41,382 total - Exercise/Conversion
Employee Stock Option (right to buy)
[F1][F8]2026-06-01−5,000→ 39,444 totalExercise: $52.27Exp: 2032-08-01→ Common Stock (5,000 underlying)
Footnotes (8)
- [F1]The transactions reported on this Form 4 were made pursuant to a written trading plan adopted by the Reporting Person on November 24, 2025, in accordance with Rule 10b5-1.
- [F2]The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $223.4250 to $224.3800. 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 $224.5100 to $225.4600. 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 $225.5200 to $226.3700. 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 $226.5250 to $227.0100. 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 $228.0500 to $228.9650. 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 $229.0900 to $230.0000. 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 stock option vests and is exercisable as to 12.5% of the underlying shares on February 1, 2023, and in 42 substantially equal monthly installments thereafter.
Signature
/s/Andrew Reardon|2026-06-02