Overview of the sale
John W. Kozarich, a director at Ligand Pharmaceuticals INC (NASDAQ:LGND), completed sales of 467 shares of common stock on February 2, 2026. The aggregate proceeds from those transactions totaled $91,490, with individual trade prices reported in a range from $191.00 to $197.195 per share.
SEC filing and ownership following the trades
The transactions were disclosed in a Form 4 filed with the Securities and Exchange Commission. According to that filing, after the reported sales Kozarich retains direct ownership of 43,187 shares of Ligand Pharmaceuticals.
Trading plan details
The filing states the sales were carried out pursuant to a pre-arranged trading plan the director adopted on March 7, 2025, implemented in accordance with Rule 10b5-1. One component of the activity involved a sale of 381 shares executed in multiple trades at prices ranging from $196.0100 to $196.8400.
Context from recent company results and analyst action
Ligand’s recent financial disclosures show a notably strong third quarter, with total revenue reported at $115.5 million, a 123% increase compared with the prior year. The company identified the Pelthos transaction as a material contributor to that performance, accounting for $53.1 million of the quarter’s revenue.
Following the quarterly results and related corporate disclosures, several research firms adjusted their views and targets for Ligand. RBC Capital raised its price target to $234 while maintaining an Outperform rating. Stifel raised its target to $230, citing the company’s stated growth drivers and recent transactions it expects will bolster the royalty portfolio. Benchmark reaffirmed its Buy rating with a $220 target, pointing to the financial outlook and business prospects discussed at the company’s annual analyst day. Oppenheimer reiterated an Outperform rating with a $275 target, highlighting the investment strategy and growth expectations presented at the investor day.
What the filing shows and what it does not
The Form 4 documents the mechanics of the sales and indicates they were executed under a Rule 10b5-1 plan. The filing also records Kozarich’s remaining direct holdings. The notice does not attach commentary on the director’s motives beyond the description of the trading plan, and it does not provide further details about future trading intentions.
Bottom line
The February 2 transactions reduced the director’s stake by 467 shares for proceeds of $91,490 under a pre-arranged plan. Those trades coincide with a period of reported revenue strength for Ligand and a string of favorable analyst target adjustments following the company’s quarterly results and analyst day presentations.