In a series of transactions, Ligand Pharmaceuticals Inc.'s (NASDAQ:LGND) Chief Financial Officer, Octavio Espinoza, sold a significant portion of his company stock, totaling over $1.1 million. The sales occurred on May 15 and 16, with prices ranging between $86.0034 and $86.6652 per share, reflecting a weighted average as shares were sold at various prices within this range.
Espinoza began the series of transactions by selling 5,873 shares on May 15 at an average price of $86.012, followed by 2,264 shares on May 16 at an average price of $86.0034. The CFO continued to sell on May 17, disposing of 5,022 shares at an average price of $86.6652 and a smaller lot of 134 shares at an average price of $86.6497.
In addition to the sales, Espinoza also engaged in multiple option exercises ("M" transactions) on May 17, acquiring a total of 8,917 shares of Ligand Pharmaceuticals stock at prices ranging from $52.84 to $68.74, with a total transaction value of $385,346. These transactions are part of the executive's stock option plans, as detailed in the footnotes of the SEC filing.
The transactions left Espinoza with a direct ownership of 23,379 shares following the sales and option exercises. The SEC filing provides detailed information on the number of shares sold at each separate price within the reported ranges upon request, ensuring transparency in the disclosed transactions.
Investors and followers of Ligand Pharmaceuticals can find further details of these transactions in the company's latest SEC filings. The company's stock, traded under the ticker LGND, reflects the ongoing financial decisions of its executives and the market's response to these developments.
InvestingPro Insights
Ligand Pharmaceuticals Inc. (NASDAQ:LGND) has shown a remarkable performance in the market over recent periods, as reflected by the company's stock metrics. An InvestingPro Tip highlights that Ligand Pharmaceuticals has had a strong return over the last three months, with a 16.83% increase, and an even more impressive 48.84% price uptick over the last six months. This suggests that the CFO's recent stock sales occurred during a period of positive price momentum for the company.
Additionally, the company's financial health is solid, with InvestingPro Tips indicating that LGND holds more cash than debt on its balance sheet and its liquid assets exceed short-term obligations. These tips could be particularly reassuring to investors considering the CFO's recent transactions, as they reflect a stable financial position that may support the stock's performance going forward.
InvestingPro Data further enriches the picture of Ligand Pharmaceuticals' current valuation and performance metrics. The company currently has a market capitalization of $1.55 billion, and despite a high EBITDA valuation multiple, it maintains a reasonable price to earnings (P/E) ratio of 15.53. Moreover, the company's gross profit margin for the last twelve months as of Q1 2024 stands at a robust 71.67%, underscoring the efficiency of its operations despite recent revenue challenges.
For investors looking to delve deeper into Ligand Pharmaceuticals' financials and stock performance, there are additional InvestingPro Tips available at https://www.investing.com/pro/LGND. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking valuable insights that could inform your investment decisions.
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