LGND LIGAND PHARMACEUTICALS INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 2/4 quarters. Q3 2021: $0M, Q2 2021: $0M, Q1 2021: $73M, Q3 2020: $181M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $85M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-51M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 709,705 shares = 7.2% of 19,774,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

5 open-market purchases by 2 insiders

• Davis Todd C (Chief Executive Officer) bought 1,680 shares at $104.57 on 2025-05-09
• Davis Todd C (Chief Executive Officer) bought 2,307 shares at $104.53 on 2025-05-09
• Davis Todd C (Chief Executive Officer) bought 5,523 shares at $105.67 on 2025-05-09
• Espinoza Octavio (Chief Financial Officer) bought 1,000 shares at $103.89 on 2025-05-09
• Espinoza Octavio (Chief Financial Officer) bought 500 shares at $104.40 on 2025-05-09

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 2 quarters and 5 insider purchases by 2 insiders (no calendar overlap, but both independently active)

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $8M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 11.3x more than bought. 1 C-suite officers among sellers

• Espinoza Octavio (Chief Financial Officer) sold 3,057 shares on 2026-03-11
• Espinoza Octavio (Chief Financial Officer) sold 699 shares on 2026-03-04
• Espinoza Octavio (Chief Financial Officer) sold 53 shares on 2026-03-04
• Espinoza Octavio (Chief Financial Officer) sold 698 shares on 2026-03-04
• Espinoza Octavio (Chief Financial Officer) sold 950 shares on 2026-03-04
• Espinoza Octavio (Chief Financial Officer) sold 697 shares on 2026-03-04
• Espinoza Octavio (Chief Financial Officer) sold 668 shares on 2026-03-04
• Espinoza Octavio (Chief Financial Officer) sold 743 shares on 2026-03-04
• Espinoza Octavio (Chief Financial Officer) sold 1,457 shares on 2026-03-04
• Espinoza Octavio (Chief Financial Officer) sold 1,588 shares on 2026-03-04