LIGAND PHARMACEUTICALS INCORPORATED
In the published model solve dated 2026-Q2, anchored at $290.30, LIGAND PHARMACEUTICALS INCORPORATED (LGND) is priced for today's economics sustained for ~14.0 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
• Ligand is a pharmaceutical royalty aggregator: it owns rights to a portfolio of partnered drugs and collects a cut of their sales without bearing the cost of selling them, plus its Captisol formulation technology. • The single number that drives the story is royalty revenue, which jumped 56% in the most recent quarter on the ramp of newer drugs, and which the company expects to keep growing as its portfolio matures. • The company holds net cash and no meaningful debt, and the next catalysts ar
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341 institutional managers reported holding LGND in 13F filings for the quarter ended 2026-03-31. 49 opened new positions that quarter. Held by BlackRock, Vanguard Group, Janus Henderson, among others. On the short side, 1.7M shares were sold short as of the 2026-06-15 count, about 9% of shares outstanding (8.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
LGND has cut its share count 25.5% over the past five years, spending $15.00M on repurchases. It pays no dividend. Cash returned over the past three years: $15.00M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at LGND over the trailing three years: 2023: 1 buy totaling $238k; 2024: 1 buy totaling $243k; 2025: 5 buys totaling $1.16M. 11 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
LGND's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-10 | +6.7% | -19.6% |
| 2023-11-10 | +2.8% | +31.1% |
| 2024-03-01 | +13.3% | -6.1% |
| 2024-05-09 | +10.3% | +13.8% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
LGND's latest 8-K filings: 2026-07-14 (items 1.01, 2.01, 2.03, 7.01, 9.01); 2026-06-25 (items 1.01, 2.03, 3.02, 8.01, 9.01); 2026-06-22 (items 1.01, 8.01, 9.01); 2026-06-09 (items 5.02, 5.07); 2026-05-18 (items 1.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.