Reardon Andrew, Chief Legal Officer and Secretary at Ligand Pharmaceuticals (LGND), has filed 89 Form 4 transactions, all in that single company. The pattern is one-sided: no open-market purchases, and total sales of $11.1 million against $53,301 in acquired value, which consists entirely of option exercises and grants. The selling bias is consistent across the recent filings, with 23 sales in the last four months and no buys.
The most recent cluster, dated October 2, 2026, shows six open-market sales totaling roughly $1.52 million, with individual transactions ranging from $5,231 to $599,803. That same day, Andrew exercised options worth $17,771, a mechanical move that typically accompanies a sale of the underlying shares. The September 3, 2026 filing shows five sales totaling $1.43 million, and the August 3, 2026 filing contains eleven sales worth about $1.48 million plus an option exercise of $261,350. The July 1, 2026 filing shows two sales totaling $474,490.
The transaction sizes vary widely, from a $5,231 sale on October 2 to a $605,649 sale on September 3. The August 3 filing alone includes sales as small as $9,390 and as large as $349,356. Across all filings, the dollar value of sales has been steady, with no month showing a dramatic spike or halt. The absence of any open-market purchases, combined with the regular monthly sales, indicates a consistent disposition of LGND shares, likely tied to compensation cycles and option exercises.
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