LIGAND PHARMACEUTICALS INCORPORATED
In the published model solve dated 2026-Q2, anchored at $302.74, LIGAND PHARMACEUTICALS INCORPORATED (LGND) is priced for today's economics sustained for ~10.5 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: 2026-10-29 (items 2.02, 9.01); 2026-09-24 (items 7.01, 8.01); 2026-09-22 (items 7.01, 9.01); 2026-08-06 (items 2.02, 9.01); 2026-07-14 (items 1.01, 2.01, 2.03, 7.01, 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.