Andrew Reardon, Chief Legal Officer and Secretary of Ligand Pharmaceuticals Inc, filed a Form 4 on November 4, 2026, disclosing a stock option exercise and the sale of 5,000 shares of common stock on November 2, 2026, under a Rule 10b5-1 trading plan.

Key Highlights

  • Option exercised: Reardon exercised an employee stock option for 5,000 shares at an exercise price of $52.27 per share on November 2, 2026.
  • Shares sold: All 5,000 shares acquired via option exercise were sold on November 2, 2026, across 13 separate tranches at weighted-average prices ranging from approximately $307.39 to $323.14.
  • Remaining ownership: Following all reported transactions, Reardon directly beneficially owned 31,854 shares of common stock.
  • Remaining options: Reardon holds 24,104 employee stock options (right to buy) with an exercise price of $52.27, expiring August 1, 2032.
  • 10b5-1 plan: According to the filing, all transactions were made pursuant to a written trading plan adopted on June 4, 2026, in accordance with Rule 10b5-1.
  • Issuer: The transactions involve common stock of Ligand Pharmaceuticals Inc, listed on NASDAQ:LGND.

Reardon's November 2 Option Exercise and Multi-Tranche Sale at Ligand Pharmaceuticals

According to the Form 4 filed with the SEC, Andrew Reardon, serving as Chief Legal Officer and Secretary of Ligand Pharmaceuticals Inc (NASDAQ:LGND), exercised an employee stock option covering 5,000 shares of common stock on November 2, 2026, at an exercise price of $52.27 per share. The filing notes that the 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, with an expiration date of August 1, 2032.

On the same date, Reardon disposed of all 5,000 shares through 13 separate open-market sale transactions. The sales were executed at weighted-average prices per share of $307.3917, $308.4308, $309.9097, $310.6149, $311.7178, $312.8543, $313.7492, $314.58, $317.9071, $318.7265, $319.9698, $321.44, and $323.1433, respectively, with individual transaction prices ranging from $306.62 at the low end to $323.41 at the high end across the various tranches. The filing states that full information on shares sold at each separate price within any range is available upon request to the registrant, any securityholder, or SEC Staff.

The filing indicates that all transactions reported were made pursuant to a written trading plan Reardon adopted on June 4, 2026, consistent with Rule 10b5-1(c). Following all reported transactions, Reardon directly beneficially owned 31,854 shares of common stock and retained 24,104 employee stock options with the same $52.27 exercise price.

What Was Disclosed

The filing disclosed a Rule 10b5-1 plan-driven exercise of 5,000 stock options at $52.27 and the subsequent sale of all 5,000 resulting shares across 13 tranches on November 2, 2026, leaving Reardon with 31,854 directly held shares and 24,104 remaining options.