Ligand Pharmaceuticals (LGND)
Builds biopharmaceutical royalty portfolios and licenses Captisol and NITRICIL drug technologies.
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Acquires and structures royalty interests in commercial and late-stage biopharmaceutical products, earning primarily from partner product sales. Captisol material sales and Captisol and NITRICIL licensing add revenue, while partners carry most development, regulatory, manufacturing, and commercialization work.
Builds a diversified portfolio of biopharmaceutical royalties by purchasing existing rights, financing late-stage development, and acquiring companies or assets with embedded economics. The recent XOMA Royalty acquisition materially broadened its commercial and development-stage holdings. Royalty income is supplemented by Captisol material sales and license or milestone payments from the Captisol and NITRICIL technology platforms.
Sources opportunities through industry relationships and confidential diligence, then structures royalty purchases, development financing, and special-situation acquisitions. Partners conduct most clinical development, regulatory work, manufacturing, and commercialization, while royalty-bearing products are sold across the United States, Europe, and other regions.
Cash generation depends on partner product sales, development and regulatory outcomes, and counterparties meeting contractual obligations. Captisol supply comes primarily from facilities operated by a single supplier.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 14, 2026 | Leerink Partners | Target | Target: — | Target: $330 |
| Aug 6, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $289 | Target: $358 |
| Aug 3, 2026 | Oppenheimer | Reiterate | Rating: —Target: $275 | Target: $326 |
| Jul 20, 2026 | Craig-Hallum | Reiterate | Rating: —Target: $140 | Target: $345 |
| Jul 15, 2026 | RBC Capital | Reiterate | Rating: —Target: $252 | Target: $340 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.36B · Total debt $1.13B · Total assets $2.19B · Shareholders' equity $967.5M
- Revenue
- $63.7M
- Operating income
- $8.6M
- Net income
- $48.5M
No dividends on record.
| Institutions | ≈ 111.26% | 22.30M shares | |
|---|---|---|---|
| 429 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 9.60% | 1.92M shares | |
| 12 holders · as of Sep 14, 2026 | |||
| Strategic holders | 6.50% | 1.30M shares | |
| 2 holders · as of Nov 14, 2025 | |||
| Adds to | 127.36% | ||
20.04M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 127.36%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.47% | 3.10M | as of Jun 30, 2026 |
William Blair Investment Management, LLCInstitution | 11.20% | 2.24M | filed Feb 10, 2022 |
David M. KnottInsider | 6.92% | 1.39M | filed Feb 13, 2018 |
Invesco Ltd.Institution | 6.00% | 1.20M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.68% | 1.14M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 10, 2026 | Martine Zimmermann | director | −1,200 | $285.00 |
| Sep 3, 2026 | Andrew Reardon | officer: CLO & Secretary | −5,000 | $286.09 |
| Aug 12, 2026 | Jason Haas | director | −7,138 | $292.81 |
| Aug 12, 2026 | Octavio Espinoza | officer: Chief Financial Officer | −31,641 | $292.07 |
| Aug 3, 2026 | Andrew Reardon | officer: CLO & Secretary | −5,000 | $288.99 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ligand Pharmaceuticals | $298.85 | +0.12% | $5.98B | 31.9 | 29.1 | 20.6 | +33.7% |
| Royalty Pharma | $58.51 | −0.02% | $25.94B | 33.6 | 12.6 | 10.2 | +33.6% |
| Halozyme Therapeutics | $115.70 | +0.49% | $13.66B | 34.4 | 12.1 | 8.2 | +47.7% |
| OmniAb | $4.93 | +0.20% | $713.3M | — | — | 18.6 | +244.2% |
| Innoviva | $20.95 | −0.14% | $1.55B | 5.1 | 9.8 | 3.5 | +19.3% |
| Median | 33.6 | 12.1 | 9.2 | +40.6% |