Ligand Pharmaceuticals Incorporated (LGND) Stock: Price, Forecast & Analyst Target
Ligand Pharmaceuticals Incorporated (LGND) — MoonshotScore 96/100 (Exceptional band), calculated Oct 5, 2026. Price $306.77 (+1.26%), as of the Oct 5, 2026 trading session; market cap $6.15B. Expected results Nov 5, 2026.
Educational signal · not a buy or sell recommendation · How to read this
Market value / cash and short-term investments: 4.53× (market value Oct 5, 2026; cash Jun 30, 2026) · expected results Nov 5, 2026
Ligand Pharmaceuticals Incorporated · LGND · NASDAQ · Healthcare · Biotechnology
Research dated 2026-09-13: Ligand supplies both commercialized drugs across cancer, infectious disease, and bone health, and collects royalties from partner programs—a mix of direct sales and passive income flows. Whether the royalty foundation will cushion earnings through product cycles or whether the company must continually expand its own portfolio determines whether this business compounds or merely treads water.
Price as of Oct 5, 2026
Key Statistics
MoonshotScore v2 · Ligand Pharmaceuticals (LGND)
ExceptionalWhy this rating? Method, drivers & history
Bands for the MoonshotScore: Exceptional 80-100 · Strong 65-79 · Fair 45-64 · Weak below 45.
- Business Quality — Is this a genuinely good business?
- Financial Safety — Could this blow up on me?
- Valuation — Am I paying a fair price?
- Growth Durability — Is the growth real and likely to last?
- Momentum — Is the market already moving on this?
Elite quality, a fortress balance sheet and elite growth, with no real weak spot — fairly priced, so not a bargain entry; the market is already moving on it. Business Quality: Elite; Financial Safety: Fortress; Valuation: Full; Growth Durability: Compounding; Momentum: Surging.
- quarterly revenue $64M (Q2 FY2026, quarter ended Jun 2026)
- EPS beat 5 of 8
- Altman Z 4.63 · Piotroski F 5
Helping: business quality, balance-sheet strength, durable growth, positive momentum
What has the MoonshotScore done over time?
| Recorded | Score | Band |
|---|---|---|
| 89 | Exceptional | |
| 96 | Exceptional | |
| 96 | Exceptional | |
| 96 | Exceptional | |
| 96 | Exceptional | |
| 96 | Exceptional |
The score was 96 in the stored Oct 4, 2026 snapshot and remains 96 in the current publication computed Oct 5, 2026 (0); the largest pillar moves were Financial Safety -1; the pillar moves offset under the sector-relative weighting, so the headline score is unchanged.
Calculation uses the most recent completed US trading session. Live price changes do not update the score immediately.
Computed · Educational signal · not a buy or sell recommendation · How the MoonshotScore is computed →
Price & valuation
| Measure | Value | As of |
|---|---|---|
| Latest provided price | $306.77 | |
| Change on the day | +1.26% | |
| 52-week range | $175.89 – $326.63 | |
| Market capitalisation | $6.15B | |
| Price / earnings (trailing) | 30.65 | |
| Shares traded on the day | 163.8K | |
| Beta (volatility vs the S&P 500) | 0.98 |
Price & events
Triangles mark reported quarters on the line: pointing up is above the recorded estimate, down is below, a diamond means no estimate on file or a dated event that is not a results report. Numbers key to the dated list. Point at or tab to any week for its close.
Events behind the price
- · Earnings results · above the recorded estimate
- · Earnings results · above the recorded estimate
- · Earnings results · below the recorded estimate
- · Earnings call · management outlook
- · Earnings results · above the recorded estimate
Results dates follow the earnings feed; call dates follow the transcript provider. Nearby dates do not establish that an event caused a price move.
Upcoming events
Management outlook
The acquisition is immediately accretive, and we expect the acquisition to contribute approximately $0.50 of adjusted earnings per share during the second half of 2026 and approximately $1.50 during 2027, with meaningful growth and duration expected beyond that.
Todd Davis · Statement from
For modeling purposes, I'd also note that within our Captisol guidance, we expect the remaining sales this year to be weighted towards the fourth quarter, approximately 40% in the third quarter and 60% in the fourth quarter, reflecting our current expectations for the timing of customer orders.
Octavio Espinoza · Statement from
Statement dates identify the earnings call, not a deadline. Management expectations and provider estimates can change.
Read management statementsCouncil Score · weighted blend of 2 available disciplines
Council score for Ligand Pharmaceuticals (LGND): Strongly Bullish
80/100 · A+Some lenses disagree with the MoonshotScore. Compare their readings below; each uses a different method.
5-Factor Breakdown
Legends Council
6 lenses, 6 current
AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
Read on: Oct 6, 2026
Munger's Mindset
Balance Sheet & Valuation · historical
Read on: Sep 9, 2026 · older than the 27 hours refresh window; not a current reading
How to read these bars and different assessments
Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.
Bars show each model's ordered assessment on its own scale, not a probability or a comparable investment return. The adjacent words give the assessment; more filled segments indicate a stronger model reading.
One of these lenses reads this company less favourably than the MoonshotScore does: Klarman-style lens. Each lens is a separate scoring function over its own inputs, so a disagreement is a difference of method rather than a correction — the page's answer stays the MoonshotScore above.
On Sep 9, 2026, the Munger lens read the price at that time as fairly valued against its own estimate of value.
Readings on this page are from Oct 6, 2026, except a card that shows its own read date.
Watch the LGND film — every key number, told as a short cinematic story
~2 min · open the film
What is Ligand Pharmaceuticals (LGND), and what does it report?
Short answer · as of
Ligand maintains two revenue streams: direct sales from its own marketed drugs and royalties on partner-developed therapeutics.
Research dated 2026-09-13.
Ligand maintains two revenue streams: direct sales from its own marketed drugs and royalties on partner-developed therapeutics. This dual model produces exceptionally high gross margins because royalties require minimal fulfillment cost.
The financial statements separate royalty income from product sales, contract revenue, and Captisol material sales. Operating leverage emerges from the fact that royalty income grows with partner drug adoption while requiring little incremental spending.
What do the latest results show for Ligand Pharmaceuticals (LGND)?
Short answer · as of
The most recent reported quarter, Q2 FY2026, carried revenue of $64M.
Research dated 2026-09-13.
The most recent quarter showed strong profitability and higher revenue than the prior quarter, with earnings per share materially positive. This reversal followed a period of losses and suggests demand has strengthened.
Management projects the just-closed acquisition will contribute meaningfully to earnings in coming periods, with the acceleration weighted toward later periods. The magnitude of the contribution is substantial enough to move company-wide earnings power.
Where is operating spending going?
Revenue alongside research and development, selling, general and administrative expenses, and the FMP standardized operating result.
- Latest quarter · revenue
- $63.69M Jun 30, 2026
- Latest quarter · R&D
- $14.67M Jun 30, 2026
- Latest quarter · SG&A
- $29.12M Jun 30, 2026
- Latest quarter · FMP standardized operating result
- $8.59M Jun 30, 2026
| Period end | Revenue | R&D | SG&A | FMP standardized operating result |
|---|---|---|---|---|
| Jun 30, 2026 | $63.69M | $14.67M | $29.12M | $8.59M |
| Mar 31, 2026 | $51.72M | $2.15M | $20.84M | $17.37M |
| Dec 31, 2025 | $59.67M | $3.51M | $25.03M | $20.04M |
| Sep 30, 2025 | $115.46M | $21.02M | $28.45M | $54.93M |
USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow.
Did results meet expectations?
Reported earnings and revenue alongside the estimates recorded by the provider.
- Latest report · revenue
- $63.69M Aug 6, 2026
- Latest report · revenue estimate
- $61.30M Aug 6, 2026
- Latest report · revenue vs estimate
- Above estimate Aug 6, 2026
- Latest report · EPS vs estimate
- Above estimate Aug 6, 2026
| Report date | Revenue · reported | Revenue · estimate | EPS · reported | EPS · estimate |
|---|---|---|---|---|
| Aug 6, 2026 | $63.69M | $61.30M | $2.3700 | $2.0100 |
| May 14, 2026 | $51.72M | $59.10M | $1.6300 | $1.8400 |
| Feb 26, 2026 | $59.67M | $55.59M | $2.0200 | $1.4600 |
| Nov 6, 2025 | $115.46M | $58.74M | $3.0900 | $1.9700 |
Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined.
Quarterly income statement — 4 quarters
| Period | Revenue | Net income | EPS |
|---|---|---|---|
| Q2 FY2026 | $64M | $49M | $2.22 (diluted) |
| Q1 FY2026 | $52M | -$13M | -$0.67 (diluted) |
| Q4 FY2025 | $60M | $45M | $2.12 (diluted) |
| Q3 FY2025 | $115M | $117M | $5.68 (diluted) |
What are the financial strengths and risks for Ligand Pharmaceuticals (LGND)?
Short answer
Cash and short-term investments were $1.36B at the Jun 30, 2026 balance-sheet date. Operating cash flow was $24.02M for the quarter ended Jun 30, 2026, meaning operations generated cash. These figures do not establish a cash runway.
Research dated 2026-09-13.
The company holds cash substantially exceeding its debt, with liquidity ratios that indicate minimal near-term financing pressure. Quarterly operating results have been strong lately, translating to robust cash generation.
The risk lies in revenue concentration—a slowdown in major royalty-generating drugs would hollow out earnings—and in execution risk of bringing new programs to market if royalty partners falter. The company's small headcount also means that key personnel departures could disrupt operations.
How much cash does the business generate or use?
Quarterly operating cash flow shows cash generated or used by operations.
- Latest quarter · operating cash flow
- $24.02M Jun 30, 2026
- Previous quarter · operating cash flow
- $48.69M Mar 31, 2026
| Period end | Operating cash flow | Capital expenditure (reported) |
|---|---|---|
| Jun 30, 2026 | $24.02M | −$30,000 |
| Mar 31, 2026 | $48.69M | −$230,000 |
| Dec 31, 2025 | $45.84M | −$10,000 |
| Sep 30, 2025 | $13.09M | −$10,000 |
Operating cash-flow bars share one scale and show magnitude; negative values mean cash used.
USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway.
What should you watch next at Ligand Pharmaceuticals (LGND)?
Short answer · as of
The next earnings report is expected on Nov 5, 2026.
Research dated 2026-09-13.
Watch whether the recent acquisition delivers the projected earnings accretion and whether management's confidence in back-half contribution timing holds up. Equally important: track adoption trends for the major royalty-generating drug franchise.
Monitor whether the company returns to repurchasing shares, a signal that management believes the valuation is attractive relative to intrinsic value. Any material new clinical readouts from development programs warrant close attention.
What management is planning
Management expectations, not completed milestones or guarantees. Selected verbatim excerpts; dates follow the transcript provider.
The acquisition is immediately accretive, and we expect the acquisition to contribute approximately $0.50 of adjusted earnings per share during the second half of 2026 and approximately $1.50 during 2027, with meaningful growth and duration expected beyond that.
Todd Davis ·
For modeling purposes, I'd also note that within our Captisol guidance, we expect the remaining sales this year to be weighted towards the fourth quarter, approximately 40% in the third quarter and 60% in the fourth quarter, reflecting our current expectations for the timing of customer orders.
Octavio Espinoza ·
Similarly, we expect the majority of remaining contract revenue to be recognized in the fourth quarter based on the timing of certain anticipated partner milestone events.
Octavio Espinoza ·
How does Ligand Pharmaceuticals compare with its peers?
Short answer
Ligand Pharmaceuticals's score ranks tied for 2nd of 13 in the bounded comparison shown, against 12 same-model peers. These are company scores, not expected investment returns. The set lists named competitors first, then companies in the same data-provider industry classification closest in market value; that classification is the provider's, not our judgment of business similarity.
Research dated 2026-09-13.
Ligand differs from traditional pharmaceutical companies by deriving substantial income from royalty arrangements, which provides earnings stability during slow periods for its own portfolio. Unlike pure-royalty vehicles, it maintains its own marketed drugs with direct pricing power.
The lean headcount for a company of its revenue scale suggests a highly efficient model with outsourced development and commercial execution, which reduces fixed costs but increases dependence on partner execution and regulatory approval timelines.
| Company | Price | Market value | Score |
|---|---|---|---|
| $322.28 Oct 2, 2026 | $9.50B | 98 5-pillar Oct 5, 2026 | |
| Ligand Pharmaceuticals (LGND) — this page | $306.77 | $6.15B | 96 |
| $46.52 Oct 5, 2026 | $3.71B | 96 5-pillar Oct 5, 2026 | |
| $30.20 Oct 5, 2026 | $8.54B | 89 5-pillar Oct 5, 2026 | |
| $20.11 Oct 5, 2026 | $3.44B | 76 5-pillar Oct 5, 2026 | |
| $141.19 Oct 5, 2026 | $9.08B | 75 5-pillar Oct 5, 2026 | |
| $159.73 Oct 5, 2026 | $6.40B | 69 5-pillar Oct 5, 2026 | |
| $84.38 Oct 5, 2026 | $5.09B | 68 5-pillar Oct 5, 2026 | |
| $40.30 Oct 5, 2026 | $4.34B | 66 5-pillar Oct 5, 2026 | |
| $53.43 Oct 5, 2026 | $8.18B | 65 5-pillar Oct 5, 2026 | |
| $57.18 Oct 2, 2026 | $11.1B | 65 5-pillar Oct 5, 2026 | |
| $42.76 Oct 5, 2026 | $7.17B | 64 5-pillar Oct 5, 2026 | |
| $116.76 Oct 2, 2026 | $4.88B | 64 5-pillar Oct 5, 2026 |
Only 5-pillar scores are ranked together. Other models are not directly comparable. Price and score dates are shown separately; market-value dates are unavailable.
The records behind this page
Analyst targets & estimates
What analysts have on file
- Price target, low to high
- $326.00 – $358.00
- Consensus target
- $339.43
- Median target
- $340.00
Consensus record · Captured .
Measured against a quoted price of $306.77 (as of Oct 5, 2026).
Insider activity
Form 4 records via FMP · Of the newest 100 records, those within the last 180 days, newest dated Sep 22, 2026
- Transactions
- 100
- Identified insiders
- 10
- Purchases
- 0
- Sales
- 49
- Other transactions
- 51
Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.
Who holds the shares?
Institutional ownership reported through 13F filings.
- Reporting holders
- 430 Period end Jun 30, 2026
- Previous quarter · holders
- 368 Prior to period end Jun 30, 2026
| Holders in provider snapshot | Shares |
|---|---|
| Blackrock, INC. | 3,100,996 |
| Invesco Ltd. | 1,201,644 |
| Vanguard Portfolio Management LLC | 1,138,316 |
| Jupiter Topco LLC | 1,040,578 |
| Vanguard Capital Management LLC | 870,950 |
Quarterly filings lag the period end. Holder rows are names in the provider snapshot, not a verified ranking; individual filing dates are not supplied. Related managers may appear separately, so these positions are not summed. Holder snapshot as of Jun 30, 2026.
What has been published about Ligand Pharmaceuticals (LGND)?
- Is Ligand Pharmaceuticals (LGND) Below Fair Value As It Funds AvenCell?
- Ligand Pharmaceuticals (LGND) Stock May Be 27% Undervalued After A New Royalty Deal
- Is Ligand Pharmaceuticals (LGND) Using AvenCell CAR-T Royalties To Redefine Its Cash-Flow Playbook?
- Ligand (LGND)-AvenCell Deal: Most of the Funding Is Tied to Milestones
Ligand Pharmaceuticals Healthcare Stock: Key Questions Answered
Research dated 2026-09-13; the answers below are from that research, and the full attribution is under Sources. The last 2 questions are answered from this page's own dated data, not from the research.
What is Captisol and why does Ligand sell it?
Captisol is a proprietary solubilization technology that Ligand developed and now supplies to pharmaceutical manufacturers. Many of Ligand's own drugs use Captisol, but competitors also license and purchase it, creating a recurring material revenue stream. This segment diversifies revenue away from pure drug sales and provides high-margin, relatively non-volatile income.
Does Kyprolis generate most of Ligand's royalty income?
Kyprolis is a major contributor to royalty income, as a marketed cancer drug with established market share. However, the company also collects royalties from other partner drugs across its portfolio, spreading concentration risk. A sustained decline in Kyprolis adoption would meaningfully compress earnings, but would not eliminate the royalty base entirely.
Why did earnings swing so dramatically between quarters?
Pharmaceutical and royalty revenue can be lumpy, driven by partner sales, milestone achievements, and one-time adjustments. The swing from a material loss in the prior quarter to strong profitability reflects both cyclical partner performance and possibly upfront payments or milestone revenues. The company's business model amplifies these swings because operating leverage is high—a small change in royalty collections or partner sales drives large percentage changes in net income.
Is the cash balance enough to fund the development pipeline without raising capital?
The company holds substantial liquid assets relative to its burn rate and development commitments. At the current operating cash flow trajectory, the runway appears to extend many years without dilutive financing. However, if major partner programs fail or new acquisitions accelerate, capital needs could rise sharply. The company has historically been willing to acquire programs and clinical-stage assets, which can consume cash quickly.
What is the LGND stock price today?
The last price recorded on this page for Ligand Pharmaceuticals Incorporated (LGND) is $306.77, as of the Oct 5, 2026 trading session (source: Financial Modeling Prep (FMP) · quote). It is a provider snapshot, not a live exchange feed, so check a brokerage quote before you trade.
What is the LGND price target?
The analyst consensus price target for Ligand Pharmaceuticals Incorporated (LGND) is $339.43 (range $326.00 to $358.00, median $340.00), per FMP data captured Oct 5, 2026. Targets are analyst opinions and change often; they are not a Stock Expert AI forecast.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Research written by Claude (claude-haiku-4-5) on 2026-09-13. AI-authored analysis; source dates are shown with each answer. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief.
Sources — records for every figure on this page (81 figures)
The 81 rows below are exactly the facts the evidence-backed sections of this page printed — the 10-second verdict, the MoonshotScore, price and market value, the five questions with their receipts, and the records behind this page. Known dates and sources are recorded on their own rows; an em dash or UNRECORDED tier preserves a stored observation without inventing either. The quarterly income statement is provider-standardized (FMP) under one row, and scale definitions — a 0-100 rating, the band ladder, the Piotroski 0–9 range — are fixed rather than measured. No number in those sections was generated by a model. The register does not cover quoted third-party headlines, the dated council readings, or the Frequently Asked Questions; each of those says where it came from where it stands.
"As of" is the date the value is true for where the source carries one — a quarter end, a filing date, a price close, the day the score was computed. A cached observation with no source date remains undated; the page publication date is not used as a substitute.
OFFICIAL — 2 facts from SEC filings and earnings calls
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
prod.outlook | Management outlook — call excerpts | Todd Davis (Aug 6, 2026): The acquisition is immediately accretive, and we expect the acquisition to contribute approximately $0.50 of adjusted earnings per share during the second half of 2026 and approximately $1.50 during 2027, with meaningful growth and duration expected beyond that. Octavio Espinoza (Aug 6, 2026): For modeling purposes, I'd also note that within our Captisol guidance, we expect the remaining sales this year to be weighted towards the fourth quarter, approximately 40% in the third quarter and 60% in the fourth quarter, reflecting our current expectations for the timing of customer orders. Octavio Espinoza (Aug 6, 2026): Similarly, we expect the majority of remaining contract revenue to be recognized in the fourth quarter based on the timing of certain anticipated partner milestone events. | OFFICIAL | Company earnings call, transcript via Financial Modeling Prep (FMP) — Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording. | |
id.hq | SEC filing business address | 3911 Sorrento Valley Blvd, Suite 110, SAN Diego, CA, 92121 | OFFICIAL | SEC EDGAR filer business address — The SEC filer business address. Our market-data provider separately lists "555 Heritage Drive, Jupiter, FL, 33458, US". The FMP company description names Emeryville, California as the headquarters; this page uses the address in this row. |
FMP — 71 facts from Financial Modeling Prep endpoint families
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.next | Next earnings date | Nov 5, 2026 | FMP | Financial Modeling Prep (FMP) earnings calendar — The date is our provider's estimate until the company confirms it. | |
px.last | Latest provided price | $306.77 | FMP | Financial Modeling Prep (FMP) · quote — Dated to the US trading session the price belongs to, derived from the quote record's timestamp (weekend and pre-open reads roll back to the previous weekday; exchange holidays are not modelled). The record does not establish an exchange execution time. Retrieved 2026-10-05T21:44:35.576Z. | |
px.change | Change on the day | +1.26% | FMP | Financial Modeling Prep (FMP) · quote | |
px.mcap | Market capitalisation | $6.15B | FMP | Financial Modeling Prep (FMP) · quote — Date unknown Market cap record date: 2026-10-05. FMP quote timestamp: 2026-10-05T20:00:02.000Z. Captured from FMP at 2026-10-05T21:44:34.599Z. No share-count basis is inferred; this page preserves the reported amount instead of recalculating it from shares. | |
px.change_abs | Change on the day, in dollars | +$3.81 | FMP | Financial Modeling Prep (FMP) · quote | |
fin.q_revenue | Revenue, Q2 FY2026 | $64M | FMP | Financial Modeling Prep (FMP) · income statement (quarterly) | |
px.pe | Price / earnings (trailing) | 30.65 | FMP | Financial Modeling Prep (FMP) · quote | |
px.volume | Shares traded on the day | 163.8K | FMP | Financial Modeling Prep (FMP) · quote | |
px.beta | Beta | 0.98 | FMP | Financial Modeling Prep (FMP) company profile | |
id.ceo | Chief executive | Todd C. Davis | FMP | Financial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it. | |
id.employees | Employees | 47 | FMP | Financial Modeling Prep (FMP) employee count, from the company's filing | |
fin.annual | Revenue and net result by fiscal year | 5 fiscal years, FY2021 through FY2025: FY2021 revenue $241.54M, net result $57.14M; FY2022 revenue $196.25M, net result −$33.36M; FY2023 revenue $131.31M, net result $52.15M; FY2024 revenue $167.13M, net result −$4.03M; FY2025 revenue $268.09M, net result $124.45M | FMP | Financial Modeling Prep (FMP), from the company's 10-K income statements | |
fin.rev_mix | Reported revenue segments | Royalty $161.00M · Contract Revenue $66.87M · Royalty, Kyprolis $35.53M · Intangible Royalty Assets $132.53M · Material Sales, Captisol, Core $40.21M | FMP | Financial Modeling Prep (FMP) revenue segmentation, from the company's 10-K | |
fin.gross_margin | Gross margin (trailing twelve months) | 98.6% | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.q_table.depth.2026-06-30.revenue_k | Revenue — period end 2026-06-30 | $63.69M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.rd_k | R&D — period end 2026-06-30 | $14.67M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.sga_k | SG&A — period end 2026-06-30 | $29.12M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-06-30.operating_result_k | FMP standardized operating result — period end 2026-06-30 | $8.59M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.revenue_k | Revenue — period end 2026-03-31 | $51.72M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.rd_k | R&D — period end 2026-03-31 | $2.15M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.sga_k | SG&A — period end 2026-03-31 | $20.84M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2026-03-31.operating_result_k | FMP standardized operating result — period end 2026-03-31 | $17.37M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.revenue_k | Revenue — period end 2025-12-31 | $59.67M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.rd_k | R&D — period end 2025-12-31 | $3.51M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.sga_k | SG&A — period end 2025-12-31 | $25.03M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-12-31.operating_result_k | FMP standardized operating result — period end 2025-12-31 | $20.04M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.revenue_k | Revenue — period end 2025-09-30 | $115.46M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.rd_k | R&D — period end 2025-09-30 | $21.02M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.sga_k | SG&A — period end 2025-09-30 | $28.45M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
fin.q_table.depth.2025-09-30.operating_result_k | FMP standardized operating result — period end 2025-09-30 | $54.93M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note |
earn.history.depth.2026-08-06.revenue_actual | Revenue · reported — report date 2026-08-06 | $63.69M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-06.revenue_estimated | Revenue · estimate — report date 2026-08-06 | $61.30M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-06.eps_actual | EPS · reported — report date 2026-08-06 | $2.3700 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-08-06.eps_estimated | EPS · estimate — report date 2026-08-06 | $2.0100 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-14.revenue_actual | Revenue · reported — report date 2026-05-14 | $51.72M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-14.revenue_estimated | Revenue · estimate — report date 2026-05-14 | $59.10M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-14.eps_actual | EPS · reported — report date 2026-05-14 | $1.6300 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-05-14.eps_estimated | EPS · estimate — report date 2026-05-14 | $1.8400 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-26.revenue_actual | Revenue · reported — report date 2026-02-26 | $59.67M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-26.revenue_estimated | Revenue · estimate — report date 2026-02-26 | $55.59M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-26.eps_actual | EPS · reported — report date 2026-02-26 | $2.0200 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2026-02-26.eps_estimated | EPS · estimate — report date 2026-02-26 | $1.4600 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-06.revenue_actual | Revenue · reported — report date 2025-11-06 | $115.46M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-06.revenue_estimated | Revenue · estimate — report date 2025-11-06 | $58.74M | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-06.eps_actual | EPS · reported — report date 2025-11-06 | $3.0900 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
earn.history.depth.2025-11-06.eps_estimated | EPS · estimate — report date 2025-11-06 | $1.9700 | Report date · | FMP | Financial Modeling Prep (FMP) earnings — Earnings-history note |
fin.q_table | Quarterly income statement | 4 quarters through Q2 FY2026 | FMP | Financial Modeling Prep (FMP) · income statement (quarterly), as filed | |
fin.cash_investments | Cash and short-term investments | $1.36B | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. | |
fin.opcf_latest | Latest-quarter operating cash flow | $24.02M | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Period end: 2026-06-30. Negative operating cash flow means cash used. This figure is not a cash-runway estimate. | |
fin.long_term_investments | Long-term investments (classification unverified) | $156.87M | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.total_debt | Total debt | $1.13B | FMP | Financial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | |
fin.price_to_book | Price to book value | 6.28× | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero. | |
fin.opcf.depth.2026-06-30.operating_cash_flow_m | Operating cash flow — period end 2026-06-30 | $24.02M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.operating_cash_flow_m | Operating cash flow — period end 2026-03-31 | $48.69M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-06-30.capex_m | Capital expenditure (reported) — period end 2026-06-30 | −$30,000 | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2026-03-31.capex_m | Capital expenditure (reported) — period end 2026-03-31 | −$230,000 | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.operating_cash_flow_m | Operating cash flow — period end 2025-12-31 | $45.84M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-12-31.capex_m | Capital expenditure (reported) — period end 2025-12-31 | −$10,000 | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.operating_cash_flow_m | Operating cash flow — period end 2025-09-30 | $13.09M | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
fin.opcf.depth.2025-09-30.capex_m | Capital expenditure (reported) — period end 2025-09-30 | −$10,000 | Period end · | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note |
earn.pt_range | Analyst price target, low to high | $326.00 – $358.00 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied | |
earn.pt_consensus | Consensus analyst price target | $339.43 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied | |
earn.pt_median | Median analyst price target | $340.00 | FMP | Financial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied | |
own.insiders | Insider transactions via FMP | 100 transactions · 0 purchases, 49 sales, 51 other transactions · 10 identified insiders · of the newest 100 records, those within the last 180 days, newest dated Sep 22, 2026 | FMP | Financial Modeling Prep (FMP), carrying Form 4 transaction records — Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent. | |
own.institutions.depth.holders | Reporting holders | 430 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026 | |
own.institutions.depth.holders_previous_quarter | Previous quarter · holders | 368 | FMP | Financial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026 | |
own.top_holders.depth.holder_0.shares | Blackrock, INC. — shares in provider snapshot | 3,100,996 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_1.shares | Invesco Ltd. — shares in provider snapshot | 1,201,644 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_2.shares | Vanguard Portfolio Management LLC — shares in provider snapshot | 1,138,316 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_3.shares | Jupiter Topco LLC — shares in provider snapshot | 1,040,578 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. | |
own.top_holders.depth.holder_4.shares | Vanguard Capital Management LLC — shares in provider snapshot | 870,950 | FMP | Financial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied. |
UNRECORDED — 3 facts from stored observations whose source was not recorded
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
earn.history | Reported versus estimated, recent quarters | EPS beat 5 of 8 | UNRECORDED | Stored earnings-history observation — Captured 2026-10-04 · Expired observation | |
fin.scores | Distress and quality screens | Altman Z 4.63 · Piotroski F 5 | UNRECORDED | Stored financial-scores observation — Captured 2026-10-04 · Expired observation | |
px.range52 | 52-week range | $175.89 – $326.63 | UNRECORDED | Stored company-profile observation — Captured 2026-10-04 |
COMPUTED — 3 facts from our arithmetic, formula restated
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
fin.mcap_to_cash | Market value per dollar of cash and short-term investments | 4.53× | — | COMPUTED | Computed on this page from the figures above — The market capitalisation printed on this page divided by cash and short-term investments of $1.36B at Jun 30, 2026. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. Market cap record date: 2026-10-05. Balance-sheet reference date: 2026-06-30. The inputs do not establish a single common source date for this ratio. |
earn.history.depth.2026-08-06.revenue_actual.comparison | Latest report · revenue vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported revenue ($63.69M) with the recorded estimate ($61.30M) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
earn.history.depth.2026-08-06.eps_actual.comparison | Latest report · EPS vs estimate | Above estimate | Report date · | COMPUTED | Computed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported EPS ($2.3700) with the recorded estimate ($2.0100) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns. |
OURS — 2 facts from Stock Expert AI's own score and rank
| Fact ID | Fact | Value as shown | As of | Tier | Source |
|---|---|---|---|---|---|
ours.moonshot | MoonshotScore v2 | 96 of 100 · Exceptional · pillars 94 / 96 / 40 / 97 / 86 | OURS | Stock Expert AI MoonshotScore v2 engine | |
ours.moonshot_change | MoonshotScore movement | 96 (stored snapshot Oct 4, 2026) → 96 (current publication computed Oct 5, 2026) (0) | OURS | Stock Expert AI current score publication and immutable score snapshots |
Fact-family notes
- Quarterly statement note. Source series as of 2026-06-30. USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow. Applies to Fact IDs:
fin.q_table.depth.2026-06-30.revenue_k,fin.q_table.depth.2026-06-30.rd_k,fin.q_table.depth.2026-06-30.sga_k,fin.q_table.depth.2026-06-30.operating_result_k,fin.q_table.depth.2026-03-31.revenue_k,fin.q_table.depth.2026-03-31.rd_k,fin.q_table.depth.2026-03-31.sga_k,fin.q_table.depth.2026-03-31.operating_result_k,fin.q_table.depth.2025-12-31.revenue_k,fin.q_table.depth.2025-12-31.rd_k,fin.q_table.depth.2025-12-31.sga_k,fin.q_table.depth.2025-12-31.operating_result_k,fin.q_table.depth.2025-09-30.revenue_k,fin.q_table.depth.2025-09-30.rd_k,fin.q_table.depth.2025-09-30.sga_k,fin.q_table.depth.2025-09-30.operating_result_k. - Earnings-history note. Source series as of 2026-08-06. Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined. Applies to Fact IDs:
earn.history.depth.2026-08-06.revenue_actual,earn.history.depth.2026-08-06.revenue_estimated,earn.history.depth.2026-08-06.revenue_actual.comparison,earn.history.depth.2026-08-06.eps_actual.comparison,earn.history.depth.2026-08-06.eps_actual,earn.history.depth.2026-08-06.eps_estimated,earn.history.depth.2026-05-14.revenue_actual,earn.history.depth.2026-05-14.revenue_estimated,earn.history.depth.2026-05-14.eps_actual,earn.history.depth.2026-05-14.eps_estimated,earn.history.depth.2026-02-26.revenue_actual,earn.history.depth.2026-02-26.revenue_estimated,earn.history.depth.2026-02-26.eps_actual,earn.history.depth.2026-02-26.eps_estimated,earn.history.depth.2025-11-06.revenue_actual,earn.history.depth.2025-11-06.revenue_estimated,earn.history.depth.2025-11-06.eps_actual,earn.history.depth.2025-11-06.eps_estimated. - Cash-flow note. Source series as of 2026-06-30. USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway. Applies to Fact IDs:
fin.opcf.depth.2026-06-30.operating_cash_flow_m,fin.opcf.depth.2026-03-31.operating_cash_flow_m,fin.opcf.depth.2026-06-30.capex_m,fin.opcf.depth.2026-03-31.capex_m,fin.opcf.depth.2025-12-31.operating_cash_flow_m,fin.opcf.depth.2025-12-31.capex_m,fin.opcf.depth.2025-09-30.operating_cash_flow_m,fin.opcf.depth.2025-09-30.capex_m.
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Sources used for research written 2026-09-13
Historical evidence preserved with this analysis. Current figures are listed separately above.
| Evidence | Captured value | Source date | Source type | Source |
|---|---|---|---|---|
| Business description | Ligand Pharmaceuticals Incorporated operates as a biopharmaceutical entity, primarily engaged in sourcing and advancing technologies to empower pharmaceutical companies globally in their efforts to discover and develop novel therapeutic solutions. Its diverse portfolio of commercialized products addresses a wide range of medical conditions. For hematologic malignancies, these include Kyprolis and Evomela, both targeting multiple myeloma, as well as Rylaze, a treatment for acute lymphoblastic leukemia and lymphoblastic lymphoma in both adult and pediatric patients. In the realm of infectious diseases, Ligand offers Veklury for moderate to severe COVID-19, Vaxneuvance for preventing invasive Streptococcus pneumoniae disease, and Pneumosil, a pneumococcal conjugate vaccine designed to protect children from pneumonia. Bone health solutions comprise Teriparatide injection for osteoporosis and Duavee for postmenopausal osteoporosis. Other key offerings include Zulresso, a Captisol-enabled formulation of brexanolone for postpartum depression; Nexterone, a Captisol-enabled amiodarone; and Noxafil-IV, a Captisol-enabled posaconazole for intravenous administration. The company’s comprehensive product lineup further extends to the Aziyo portfolio, featuring pericardial repair and CanGaroo envelope extracellular matrix products; Exemptia for autoimmune disorders; Vivitra for breast cancer; Bryxta and Zybev for a variety of indications; and Minnebro for managing hypertension. Beyond its own commercialized products, Ligand Pharmaceuticals collaborates with partners on numerous programs currently undergoing clinical development, targeting conditions such as cancer, seizure disorders, diabetes, cardiovascular ailments, muscle wasting, hepatic and renal diseases, and various other serious illnesses. The company also directly supplies Captisol materials, a proprietary technology frequently integrated into many of its drug formulations. Established in 1987, Ligand Pharmaceuticals is headquartered in Emeryville, California. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) company profile |
| Revenue by segment | Royalty: $161.00M; Contract Revenue: $66.87M; Royalty, Kyprolis: $35.53M; Intangible Royalty Assets: $132.53M; Material Sales, Captisol, Core: $40.21M | 2025-12-31 | FMP | Financial Modeling Prep (FMP) revenue segmentation, from the company's 10-K |
| Quarterly income statement (USD thousands) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements |
| Management outlook — dated call excerpts | Captured record · 3 entries
Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording. | 2026-08-06 | OFFICIAL | Company earnings call, transcript via Financial Modeling Prep (FMP) |
| Reported versus estimated, last 8 quarters | Captured record · 8 entries
| 2026-08-06 | FMP | Financial Modeling Prep (FMP) earnings |
| Cash, investments and debt | Total debt: $1.13B; Liquidity basis: cash and short-term investments; Total liabilities: $1.22B; Cash and short-term investments: $1.36B; Cash and investments: $1.51B; Long-term investments: $156.87M; Long-term investments classification: unclassified Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. | 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's balance sheet |
| Trailing twelve-month ratio set | Quick ratio: 30.96; Current ratio: 31.18; Debt to equity: 1.17; Net margin: 67.9%; Gross margin: 98.6%; Operating margin: 34.7%; Return on assets: 9%; Return on equity: 20.1% Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. A ratio our provider could not compute is absent rather than shown as zero. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm |
| Next earnings report | Date: 2026-11-05; EPS estimate: $2.3 per share; Revenue estimate: $78.09M The date is our provider's estimate until the company confirms it. | 2026-09-13 | FMP | Financial Modeling Prep (FMP) earnings calendar |
| Analyst revenue and earnings estimates (average) | Captured record · 4 entries
| 2026-09-13 | FMP | Financial Modeling Prep (FMP) analyst estimates |
| Employees | Count: 47 | 2025-12-31 | FMP | Financial Modeling Prep (FMP) employee count, from the company's filing |
| Operating cash flow by quarter (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's 10-Q cash-flow statements |
| Cash and short-term investments over time (USD millions) | Captured record · 8 entries
| 2026-06-30 | FMP | Financial Modeling Prep (FMP), from the company's quarterly balance sheets |
Data provided for informational purposes only.
ETFs that hold LGND
Funds in our ETF coverage that list LGND among the top 10 holdings on their fund page, largest weight first. Each weight is the fund's reported holding weight as of the date in its row.
| ETF | Weight | Holdings as of |
|---|---|---|
| Validea Market Legends ETF (VALX) | 1.87% |