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LIGAND PHARMACEUTICALS INC·4

Jun 15, 9:06 PM ET

Haas Jason 4

Research Summary

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LIGAND (LGND) Director Jason Haas Exercises Options, Sells Shares

What Happened

Jason Haas, a director of LIGAND PHARMACEUTICALS INC (LGND), exercised options to acquire 4,000 shares on June 12, 2026 (3,000 at $51.56 and 1,000 at $51.56), costing $206,240 in aggregate. On the same day he sold a total of 6,461 shares in open-market transactions, generating approximately $1,651,320 in gross proceeds (weighted-average sale prices reported). The filing shows both exercise/conversion (derivative) entries and separate open-market sale entries — overall this is a sale transaction following option exercise rather than a fresh cash purchase (i.e., not a bullish purchase).

Key Details

  • Transaction date: June 12, 2026; Form 4 filed June 15, 2026 (appears timely).
  • Option exercises (M): 3,000 shares @ $51.56 = $154,680; 1,000 shares @ $51.56 = $51,560 (total cost $206,240).
  • Open-market sales (S): 3,000 shares @ weighted avg $255.01 (F1) ≈ $765,034; 3,461 shares @ weighted avg $256.08 (F2) ≈ $886,286; total ≈ $1,651,320.
  • The filing also lists exercise/conversion (M) entries with $0.00 price for 3,000 and 1,000 shares (shown as "Disposed" in the Form 4) — these are derivative conversion records in the filing.
  • Footnotes: F1 and F2 note the reported sale prices are weighted averages across multiple trades (ranges: $255.00–$255.29 and $256.00–$256.51) and the reporting person can provide per-trade prices on request. F3 references the original option grant (June 29, 2022) and an adjustment tied to the OmniAb separation.
  • Shares owned after the transactions are not specified in the provided excerpt of the Form 4.

Context

  • This sequence (option exercise + same-day open-market sale) commonly reflects an officer/director converting options and selling shares for liquidity or to cover exercise/tax costs; the Form shows both the option exercise (derivative code M) and open-market sales (code S).
  • The filing is factual disclosure of transactions; it does not state motivations. Purchases can indicate a stronger insider signal than sales; here the activity is largely a disposition generating ~ $1.65M in proceeds.