Reardon Andrew, Chief Legal Officer of Ligand Pharmaceuticals Incorporated (NASDAQ: LGND), has demonstrated a clear bias toward selling company shares over the past several years, as evidenced by SEC Form 4 filings. Since 2025, Andrew has executed 36 transactions, all involving LGND, with a total sell value of $4,647,650.12 and a total buy value of $816,137.61. This disparity underscores a consistent divestment pattern. Notably, Andrew’s recent activity has been exclusively focused on selling, with 10 transactions recorded on March 4, 2026, totaling $1,082,869.77. These sales ranged in value from $18,657.89 to $300,939.06, indicating a significant reduction in his holdings.
Andrew’s selling activity has been persistent, with earlier transactions in February 2026 also reflecting substantial divestments. On February 14, 2026, he sold shares worth $750,577.89 and $590,278.13, followed by additional sales on February 15 totaling $438,618.38. These transactions, combined with earlier sales in August 2025 and February 2025, suggest a strategic reduction in his equity position over time. While Andrew has occasionally acquired shares, such as the $105,120 purchase on February 15, 2025, these buys are overshadowed by the scale and frequency of his sales. This pattern highlights a sustained trend of decreasing ownership in LGND, raising questions about his long-term equity alignment with the company.
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