Ligand Pharmaceuticals Incorporated (LGND) Stock Price & Analysis
Ligand Pharmaceuticals Incorporated (LGND) closed at USD 307.82 on Thursday, October 22, 2026, down 2.21% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 314.78; the Oct 22, 2026 session ranged USD 305.34–315.27 on volume of 315,129 shares. Market capitalization is $6.14B, with a 52-week range of USD 175.89–326.63 (NGM). Source: Nexqual, retrieved October 23, 2026 at 09:13 UTC.
Also available as compact Markdown for AI agents: nexqual.com/LGND.md
Key facts (LGND)
- Last four reported quarters (through Jun 30, 2026): revenue $291M, net income $197M (67.9% margin), free cash flow $131M (SEC filings).
- Valuation: P/E 31.1x (avg 27.6x at the last 2 fiscal year-ends), EV/EBITDA 46.3x, net cash $231M.
- Earnings quality: non-operating income $143M vs operating income $94.7M over the last four quarters; P/E excluding non-operating income ≈78.2x (estimate: non-operating income taxed at the company's 17.1% effective rate).
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $25.1M; 6 not under a Rule 10b5-1 plan ($7.0M); 6 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.73 on a 1–5 scale) (11 analysts), mean target USD 345.75 (range 247–406).
- Total return with dividends: 1Y +66.2% vs S&P 500 +14.9%; 5Y +262.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.33, revenue estimate $77.2M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (LGND)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $242M | $196M | $131M | $167M | $268M | $291M |
| Operating income | $104M | $3.0M | $11.9M | -$22.6M | $41.0M | $94.7M |
| Net income | $57.1M | -$33.4M | $52.2M | -$4.0M | $124M | $197M |
| EPS (diluted) | $3.31 | -$1.98 | $2.94 | -$0.22 | $6.13 | — |
| Free cash flow | $70.0M | $120M | $46.1M | $95.2M | $48.9M | $131M |
| Operating margin | 43.0% | 1.5% | 9.1% | -13.5% | 15.3% | 32.6% |
| Net margin | 23.7% | -17.0% | 39.7% | -2.4% | 46.4% | 67.9% |
| Revenue growth | +47.7% | -18.8% | -33.1% | +27.3% | +60.4% | — |
| Cash + short-term investments | $341M | $212M | $170M | $256M | $734M | — |
| Total debt | $321M | $0K | — | $0K | $446M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (LGND)
P/E 31.1x · P/E ex non-operating (est.) ≈78.2x · P/S 21.1x · EV/EBITDA 46.3x · EV/Sales 20.3x · P/FCF 46.7x · P/B 6.3x · FCF yield 2.14% · Earnings yield 3.21% · Net cash $231M · EV $5.91B
P/E at fiscal year-ends: Dec 2025 30.8x, Dec 2023 24.3x.
Insider sales (SEC Form 4, open-market, last ~7 months) (LGND)
8 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Reardon Andrew | CLO & Secretary | 5,000 | $1.5M | 13.6% | Yes (adopted June 4, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-10 | Zimmermann Martine | Director | 1,200 | $342K | 23.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-03 | Reardon Andrew | CLO & Secretary | 5,000 | $1.4M | 12% | Yes (adopted June 04, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-12 | Espinoza Octavio | Chief Financial Officer | 31,641 | $9.2M | 53.3% | Yes (adopted May 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-12 | Haas Jason | Director | 7,138 | $2.1M | 64.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Reardon Andrew | CLO & Secretary | 5,000 | $1.4M | 10.7% | Yes (adopted November 24, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | Reardon Andrew | CLO & Secretary | 5,000 | $1.6M | 10.7% | Yes (adopted November 24, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-16 | Sabba Stephen L | Director | 2,145 | $545K | 6% | No | Too little history (no open-market trades in 2025) |
| 2026-06-12 | Haas Jason | Director | 6,461 | $1.7M | 56.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10…2026-06-11 | Aryeh Jason | Director | 5,000 | $1.3M | 4.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-10 | Lamattina John L | Director | 4,591 | $1.2M | 14.5% | No | Too little history (no open-market trades in 2023) |
| 2026-06-01 | Reardon Andrew | CLO & Secretary | 5,000 | $1.1M | 10.8% | Yes (adopted November 24, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01…2026-05-13 | Kozarich John W | Director | 2,501 | $563K | 5.6% | Yes (adopted March 07, 2025) | Too little history (no open-market trades in 2024) |
| 2026-05-01 | Reardon Andrew | CLO & Secretary | 5,000 | $1.2M | 10.8% | Yes (adopted November 24, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (LGND)
Consensus Buy (mean 1.73 on a 1–5 scale), 11 analysts; mean target USD 345.75 (low 247, high 406).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-25 | Barclays | Initiated | Overweight | $345 |
| 2026-09-24 | HC Wainwright & Co. | Reiterated | Buy | $358 |
| 2026-09-23 | Citigroup | Target raised | Buy | $390 → $397 |
| 2026-08-14 | Leerink Partners | Initiated | Outperform | $330 |
| 2026-08-07 | RBC Capital | Target raised | Outperform | $340 → $345 |
| 2026-08-06 | HC Wainwright & Co. | Target raised | Buy | $289 → $358 |
| 2026-08-03 | Oppenheimer | Target raised | Outperform | $285 → $326 |
| 2026-07-15 | RBC Capital | Target raised | Outperform | $262 → $340 |
| 2026-07-09 | B of A Securities | Target raised | Buy | $266 → $388 |
| 2026-07-08 | Stifel | Target raised | Buy | $255 → $332 |
Total return (dividends reinvested) (LGND)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +66.2% | +262.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +66.5% | +29.3% |
| Volatility (annualized) | 37.1% | 38.6% |
| Max drawdown | -14.7% (Jul 2026→Sep 2026) | -52.1% (Nov 2021→Jun 2022) |
LGND revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Royalties | $48.0M | 75.4% | +32.0% |
| Revenue from intangible royalty assets | $37.4M | 58.7% | +24.2% |
| Filspari | $13.6M | 21.3% | +106.2% |
| Income from financial royalty assets | $10.7M | 16.8% | +69.0% |
| Captisol | $8.0M | 12.5% | -3.7% |
| Contract revenue and income | $7.7M | 12.1% | +161.1% |
| Contract revenue and income | $7.7M | 12.1% | +161.1% |
| Kyprolis | $7.0M | 11.1% | -20.0% |
| Qarziba | $6.2M | 9.7% | +4.5% |
| Income | $5.0M | 7.9% | +391.6% |
| Other | $4.3M | 6.7% | +66.5% |
| Ohtuvayre | $4.1M | 6.5% | +98.8% |
| Ohtuvayre inventors | $3.3M | 5.2% | — |
| Rylaze | $3.2M | 5.0% | +11.8% |
| Contract revenue | $2.7M | 4.2% | +39.3% |
| Capvaxive | $2.3M | 3.6% | +2.9% |
| Teriparatide injection | $1.5M | 2.3% | -36.0% |
| Vaxneuvance | $1.4M | 2.1% | -48.9% |
| Other | $1.2M | 1.9% | +186.4% |
| Total revenue | $63.7M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
LGND suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Baxter Healthcare | “We supply Captisol to Baxter for use in accordance with the terms of this license agreement and a separate supply agreement.” |
| Partner | AGENUS INC (AGEN) | “Building on these results, Agenus, in collaboration with Canadian Cancer Trials Group (CCTG) has initiated the global BATTMAN Phase 3 trial evaluating BOT+BAL versus best supportive care (BSC) in patients with refractory, unresectable microsatellite stable (MSS)/mismatch repair proficient (pMMR) colorectal cancer.” |
| Partner | Pelthos Therapeutics Inc. (PTHS) | “We have a license agreement with Pelthos for Zelsuvmi (berdazimer) topical gel, 10.3%, the first and only at-home treatment for molluscum contagiosum infections in adults and pediatric patients one year of age and older.” |
| Partner | Castle Creek Biosciences | “In February 2025, we entered into a royalty financing agreement with Castle Creek Biosciences, Inc., a late-stage cell and gene therapy company, to support Castle Creek's D-Fi (FCX-007) Phase 3 clinical study.” |
| Partner | Pfizer (PFE) | “Lasofoxifene is a selective estrogen receptor modulator in development for the treatment of breast cancer, discovered through the research collaboration between Pfizer and Ligand.” |
| Partner | BOSTON SCIENTIFIC CORP (BSX) | “In October 2025, we executed a third amendment to our agreement with Elutia in connection with Elutia's sale of its BioEnvelope business, including the EluPro™ and CanGaroo® bioenvelopes, to Boston Scientific Corporation, which did not materially alter our current and expected future economic expectations regarding our partnership with Elutia.” |
Quoted from the company's 10-K filed Feb 27, 2026.
Companies that name LGND in their SEC reports
| Relationship to LGND | Company | Filing | Sentence |
|---|---|---|---|
| partner | PALVELLA THERAPEUTICS, INC. (PVLA) | 10-K Mar 31, 2026 | “We are party to a Development Funding and Royalties Agreement with Ligand Pharmaceuticals, Inc. ("Ligand"), dated December 13, 2018, as amended May 22, 2020 and November 28, 2023 (the "Ligand Agreement").” |
| partner | LeonaBio, Inc. (LONA) | 10-K Mar 31, 2026 | “Lasofoxifene was discovered through a research collaboration between Pfizer Inc. ("Pfizer") and Ligand Pharmaceuticals ("Ligand").” |
| partner | Pelthos Therapeutics Inc. (PTHS) | 10-K Mar 19, 2026 | “On March 24, 2025, LNHC assigned its intellectual property portfolio related to the Novan acquisition, including the NITRICIL technology, to Ligand and entered into an exclusive license and sublicense agreement with Ligand, pursuant to which Ligand licensed to the Company the intellectual property rights necessary to make, use, sell or offer to sell ZELSUVMI for the treatment of molluscum contagiosum in humans wor…” |
| partner | AGENUS INC (AGEN) | 10-K Mar 16, 2026 | “In May 2024, we entered into a Purchase and Sale Agreement with Ligand Pharmaceuticals Incorporated ("Ligand") covering specified economic interests in selected partnered programs and in BOT and BAL.” |
| partner | ELUTIA INC. (ELUT) | 10-K Mar 13, 2026 | “We are also a party to a royalty agreement with Ligand Pharmaceuticals Incorporated ("Ligand") pursuant to which we have incurred a long-term obligation to Ligand (the "Revenue Interest Obligation").” |
| supplier | Orchestra BioMed Holdings, Inc. (OBIO) | 10-K Mar 12, 2026 | “We accounted for the sale of royalty revenues to Ligand, pursuant to the Royalty Purchase Agreement, in accordance with ASC 470, Debt, which addresses situations in which an entity receives cash from an investor in return for an agreement to pay the investor a specified percentage of the revenue from a contractual right.” |
| partner | Travere Therapeutics, Inc. (TVTX) | 10-K Feb 19, 2026 | “In 2012, we entered into a license agreement with Ligand Pharmaceuticals, Inc. ("Ligand"), granting us a worldwide sublicense for the development, manufacture and commercialization of FILSPARI (sparsentan).” |
| partner | Viking Therapeutics, Inc. (VKTX) | 10-K Feb 11, 2026 | “We obtained exclusive worldwide rights to VK2809, VK0214 and VK5211 and certain other assets pursuant to an exclusive license agreement with Ligand Pharmaceuticals Incorporated, or Ligand.” |
LGND customer concentration
In the period ended Dec 31, 2025, 3 direct customers each accounted for at least 10% (22%, 17%, 12%) of revenue, per the company's 10-K filed Feb 27, 2026. The company does not name them.
LGND company outlook (results filed Aug 6, 2026)
- “Revenue Guidance Unchanged Conference call begins at 8:30 a.m.”
- “Eastern Time today JUPITER, Fla., August 6, 2026 – Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) today reported financial results for the three and six months ended June 30, 2026, and provided an operating forecast and business update.”
Quoted word-for-word from the SEC 8-K results press release.
LGND analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $2.33 | $2.56 | -9.0% | $77.2M | 10 |
| Next quarter (ends Dec 2026) | $3.01 | $3.02 | -0.4% | $96.6M | 10 |
| Current fiscal year (ends Dec 2026) | $9.35 | $9.14 | +2.2% | $288.9M | 10 |
| Next fiscal year (ends Dec 2027) | $11.96 | $11.60 | +3.1% | $381.7M | 10 |
LGND options: expected move
Options price a move of about ±9.6% (±$29.65) by Nov 20, 2026, which includes earnings on Oct 29, 2026. Over the last 8 reports the stock moved ±4.3% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 42.7% | ±9.6% |
| Dec 18, 2026 | 56 | 39.5% | ±12.5% |
| Jan 15, 2027 | 84 | 37.8% | ±14.6% |
| Feb 19, 2027 | 119 | 38.1% | ±17.4% |
| May 21, 2027 | 210 | 41.6% | ±25.2% |
| Jun 17, 2027 | 237 | 41.0% | ±26.4% |
30-day implied volatility 41.1% vs 33.2% realized over the last 30 trading days. Put/call ratio (volume) 0.67. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:13 UTC)
| Price | USD 307.82 |
|---|---|
| Change | ▼ 2.21% (down) |
| Previous Close | USD 314.78 |
| Open | USD 313 |
| Day Range | USD 305.34 – 315.27 |
| 52-Week Range | USD 175.89 – 326.63 |
| Volume | 315,129 shares |
| Market Cap | $6.14B |
| Exchange | NGM |
Technical Analysis (LGND)
Nexqual's technical model rates LGND "STRONG BUY" based on 5 bullish and 0 bearish signals across 127 daily candles, as of October 23, 2026 at 09:13 UTC.
| Overall Signal | STRONG BUY |
|---|---|
| RSI (14) | 56.14 (neutral) |
| vs SMA50 | Above (USD 293.56) |
| MACD | 3.21 (positive) |
Analyst Ratings (LGND)
Wall Street analysts rate LGND "Buy" based on 11 analysts, with a mean price target of USD 345.75 (range USD 247–406), per Nexqual as of October 23, 2026 at 09:13 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 11 |
| Mean Target | USD 345.75 |
| High Target | USD 406 |
| Low Target | USD 247 |
| Buy / Hold / Sell | 11 / 0 / 0 |
Earnings (LGND)
| Next Earnings Date | 2026-10-29 |
|---|---|
| EPS Estimate | USD 2.33 |
| Revenue Estimate | $77.23M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 2.37 vs est 1.95 ▲ beat |
| 2026-03-31 | USD 1.63 vs est 1.8 ▼ miss |
| 2025-12-31 | USD 2.02 vs est 1.5 ▲ beat |
| 2025-09-30 | USD 3.09 vs est 1.93 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:13 UTC.
Financials & Fundamentals (LGND)
| Total Revenue | $290.54M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +33.70% |
| Gross Margin | +81.20% |
| Operating Margin | +13.49% |
| Profit Margin | +67.88% |
| ROE | +21.96% |
| Debt / Equity | 1.17 |
| Current Ratio | 31.18 |
| Total Cash | $1.36B |
| Total Debt | $1.13B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $131.44M (45.2% of revenue) |
Source: Nexqual, October 23, 2026 at 09:13 UTC.
Financial Health Score (LGND)
Nexqual rates Ligand Pharmaceuticals Incorporated's overall financial health "Strong" across five dimensions, as of October 23, 2026 at 09:13 UTC.
| Growth | Strong — Revenue +60% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 81%, operating 13% (last 12 months) |
| Balance Sheet | Mixed — $1.36B cash and investments vs $1.13B debt (Jun 2026, SEC), net cash |
| Cash Flow | Strong — FCF $131M (last 4 quarters to Jun 2026, SEC), 45% margin |
| Efficiency | Strong — ROE 22%, ROA 4.0% |
Ownership (LGND)
| Insider Ownership | +2.32% |
|---|---|
| Institutional Ownership | +116.13% |
| Shares Outstanding | 19.94M |
| Float | 19.49M |
| Short % of Float | +16.11% |
Source: Nexqual, October 23, 2026 at 09:13 UTC.
Leadership (LGND)
Ligand Pharmaceuticals Incorporated is led by Todd C. Davis, CEO & Director, per Nexqual as of October 23, 2026 at 09:13 UTC.
| CEO & Director | Todd C. Davis |
|---|---|
| Chief Financial Officer | Octavio Espinoza |
| Senior Vice President of Investments & Business Development | Paul J. Hadden |
| Executive Director of Investor Relations and Financial Planning & Analysis | Melanie J. Herman |
| Senior Vice President of Biology & Scientific Affairs | Keith Marschke |
Major Backers & Investors (LGND)
Notable institutional backers of Ligand Pharmaceuticals Incorporated include Invesco, Jupiter Topco LLC, FMR, LLC, according to Nexqual as of October 23, 2026 at 09:13 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Invesco | 6.03% |
| Jupiter Topco LLC | 5.22% |
| FMR, LLC | 3.83% |
| Franklin Resources, Inc. | 3.77% |
| Congress Asset Management Co | 3.3% |
| Franklin Custodian Funds-FRANKLIN DYNATECH FUND | 2.76% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 15.56% |
| Vanguard Group | 10.08% |
| State Street | 4.15% |
| Geode Capital | 2.95% |
Source: Nexqual, October 23, 2026 at 09:13 UTC.
From Ligand Pharmaceuticals Incorporated's Latest SEC 10-K Filing (filed 2026-02-27)
Key Strengths & Strategy (as disclosed to the SEC)
- The HepDirect and LTP technology platforms are our proprietary liver-targeting prodrug technologies that can deliver many different chemical classes of drugs to the liver by using a chemical modification that renders an active pharmaceutical ingredient ("API") biologically inactive until cleaved by a liver-specific enzyme.
- Recordati met with the FDA mid-year in 2025 to establish a potential BLA pathway for the potential approval of Qarziba in the U.S., including data from the ongoing BEACON-2 trial in Europe.
- Since refocusing the business in 2022, we have built a highly experienced business and investment team to execute our strategy.
- Our technology platforms are evaluated and managed as long-duration royalty assets.
Partnerships
- Henlius entered into a strategic collaboration and exclusive license agreement with our former partner, Sermonix, to develop, manufacture and commercialize lasofoxifene in China.
- The process begins with proprietary origination, leveraging a seasoned investment team with deep industry expertise and strong relationships to source high-quality opportunities.
Legal & Regulatory Risks (Item 1A, quoted)
- The manufacture and distribution of a biopharmaceutical product may be interrupted by regulatory agencies or supplier deficiencies.
- Our product candidates, and the product candidates of our partners, face significant development and regulatory hurdles prior to partnering and/or marketing which could delay or prevent licensing, sales-based royalties and/or milestone revenue.
- We may be subject to claims challenging the inventorship of our patents and other intellectual property.
- Changes in and actual or perceived failures to comply with applicable data privacy, security and protection laws, regulations, standards and contractual obligations may adversely affect our business, operations and financial performance.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| RYTM | Rhythm Pharmaceuticals, Inc. | USD 90.9 | ▲ 2.57% |
| IOVA | Iovance Biotherapeutics, Inc. | USD 14.14 | ▼ 3.28% |
| PRAX | Praxis Precision Medicines, Inc | USD 258.92 | ▲ 0.96% |
| IONS | Ionis Pharmaceuticals, Inc. | USD 43.91 | ▼ 0.81% |
| ABVX | Abivax SA | USD 90.23 | ▼ 3.49% |
| TGTX | TG Therapeutics, Inc. | USD 53.16 | ▼ 0.08% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:13 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt