Ligand Pharmaceuticals

LGND • NASDAQ

Ligand Pharmaceuticals is a biotechnology company in the healthcare sector on NASDAQ, led by John L. Higgins, with a market cap of $3.7B. As of Q3 2025, 106% of shares are held by 306 institutional investors, with BlackRock, Inc. as the largest holder at 14.8%.

Chief Executive OfficerJohn L. Higgins

Market Cap$3.7B

Biotechnology

Healthcare

Employees58.0

Websiteligand.com

Country

United States of America

Overview

Overview of institutional ownership in LGND as of Q3 2025 with a market cap of $3.5B

All Institutions

Institutions: 306
Value Held: $3.6B
Shares Held: 20.6M
Avg Position: $11.9M
Median Position: $838.2K

Hedge Funds

Hedge Funds: 23
Value Held: $143.5M
Shares Held: 810.1K
Avg Position: $6.2M
Median Position: $1.5M

Ownership Breakdown

Institutional (non-HF)

101.5%

$3.5B

Hedge Funds

4.16%

$143.5M

Retail & Other

Based on market cap of $3.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in LGND as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$511.0M 0.01% of portfolio	14.80% 2.9M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$367.8M 0.01% of portfolio	10.65% 2.1M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
HENDERSON GROUP PLC Institution	Ali Dibadj CEO	$184.6M 0.08% of portfolio	5.35% 1.0M shares	Q2 2017 Held for 8y 5m	$218.74B
M MACQUARIE GROUP LTD Institution	-	$133.2M 0.16% of portfolio	3.86% 751.8K shares	≤ Q2 2013 Held for 12y 5m+	$82.9B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$132.7M 0.00% of portfolio	3.84% 749.4K shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
CONGRESS ASSET MANAGEMENT CO /MA Long Only Manager	Daniel Anthony Lagan CEO	$118.2M 0.79% of portfolio	3.42% 667.3K shares	Q2 2024 Held for 1y 5m	$15.0B
Chicago Capital, LLC RIA/Wealth	Eric Scott Maddix Managing Partner	$100.7M 2.48% of portfolio	2.92% 568.6K shares	Q2 2020 Held for 5y 5m	$4.1B
Stephens Investment Management Group LLC Long Only Manager	Joseph Warren Simpson CEO	$98.2M 1.27% of portfolio	2.84% 554.5K shares	Q3 2013 Held for 12y 2m	$7.8B
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$96.0M 0.03% of portfolio	2.78% 541.8K shares	Q4 2024 Held for 11 months	$322.72B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$92.8M 0.02% of portfolio	2.69% 523.9K shares	≤ Q2 2013 Held for 12y 5m+	$466.32B

Net Capital Flow

Institutional buying and selling activity for LGND in Q3 2025

Traded: +$273.0M
Buyers: 163
Sellers: 115
Total Bought: +$474.9M
Total Sold: −$202.0M
Avg Position: $11.3M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$76.3M +431.0K shares	$81.0M 457.2K shares
GOLDMAN SACHS GROUP INC Institution	+$53.9M +304.1K shares	$65.2M 367.8K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	+$39.3M +222.0K shares	$45.1M 254.8K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	+$35.8M +202.1K shares	$96.0M 541.8K shares
Invesco Ltd. ETF Provider	+$26.3M +148.4K shares	$67.0M 378.3K shares
N NOMURA HOLDINGS INC Institution	+$21.5M +121.4K shares	$21.5M 121.4K shares
BANK OF MONTREAL /CAN/ Institution	+$21.3M +120.0K shares	$22.3M 125.8K shares
WELLS FARGO & COMPANY/MN Institution	+$18.1M +101.9K shares	$20.4M 115.2K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	+$17.7M +99.9K shares	$17.7M 99.9K shares
A Advisor Group Holdings, Inc. Institution	+$16.8M +94.9K shares	$17.8M 100.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
DIMENSIONAL FUND ADVISORS LP Long Only Manager	−$32.0M −180.6K shares	$92.8M 523.9K shares
M MACQUARIE GROUP LTD Institution	−$31.0M −174.8K shares	$133.2M 751.8K shares
Granite Investment Partners, LLC Long Only Manager	−$11.1M −62.8K shares	$10.9M 61.6K shares
I Impax Asset Management Group plc Long Only Manager	−$10.6M −60.0K shares	$35.5M 200.2K shares
ASHFORD CAPITAL MANAGEMENT INC Hedge Fund•Growth	−$10.3M −58.1K shares	$43.3M 244.4K shares
Stephens Investment Management Group LLC Long Only Manager	−$8.9M −50.3K shares	$98.2M 554.5K shares
R RICE HALL JAMES & ASSOCIATES, LLC Long Only Manager	−$7.6M −42.9K shares	$52.2M 294.5K shares
S Standard Life Aberdeen plc Institution	−$7.0M −39.5K shares	$33.6M 189.7K shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	−$6.2M −35.1K shares	$22.6M 127.7K shares
B BlackRock, Inc. Institution	−$5.2M −29.2K shares	$511.0M 2.9M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited LGND in Q3 2025

New Positions: 26
New Value: $10.1M
Exited Positions: 16
Exited Value: $3.1M

New Positions

Institution	Position Value
C CAXTON ASSOCIATES LLP Institution	$2.6M 14.5K shares
PIER 88 INVESTMENT PARTNERS LLC Hedge Fund•Long/Short	$1.3M 7.2K shares
Glenmede Investment Management, LP Long Only Manager	$839.5K 4.7K shares
E EntryPoint Capital, LLC Hedge Fund•Long/Short	$533.0K 3.0K shares
C CI Private Wealth, LLC RIA/Wealth	$499.5K 2.8K shares
O OMERS ADMINISTRATION Corp Institution	$442.9K 2.5K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	$440.0K 2.5K shares
D DRW Securities, LLC Institution	$372.9K 2.1K shares
N NORDEN GROUP LLC Institution	$371.1K 2.1K shares
B Baader Bank INC Institution	$361.1K 2.1K shares

Exited Positions

Institution	Previous Position
Main Management ETF Advisors, LLC Institution	$833.3K 7.3K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$676.5K 6.0K shares
TOWNSQUARE CAPITAL LLC RIA/Wealth	$484.2K 4.3K shares
TWEEDY BROWNE CO LLC// Long Only Manager	$357.0K 3.1K shares
E EXCHANGE TRADED CONCEPTS, LLC Institution	$357.0K 3.1K shares
Advantage Alpha Capital Partners LP Hedge Fund•Market Neutral	$207.2K 1.8K shares
Q Quarry LP Institution	$113.6K 999.0 shares
Opal Wealth Advisors, LLC RIA/Wealth	$37.5K 330.0 shares
S Skopos Labs, Inc. RIA/Wealth	$20.7K 182.0 shares
Geneos Wealth Management Inc. RIA/Wealth	$13.5K 119.0 shares

Options Activity

Institutions with the largest Call and Put options positions in LGND as of Q3 2025

Call Positions: 4
Call Value: $3.4M
Put Positions: 2
Put Value: $2.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.6M 90.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.2M 68.0 contracts
J JANE STREET GROUP, LLC Institution	$283.4K 16.0 contracts
D D. E. Shaw & Co., Inc. Institution	$283.4K 16.0 contracts

Put Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$1.7M 96.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$336.6K 19.0 contracts

Most Committed Institutions

Institutions with LGND as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
V VILLERE ST DENIS J & CO LLC Institution	-	4.89% $49.6M	1.44% 280.0K shares	Q1 2020 Held for 5y 8m	$1.0B
ASHFORD CAPITAL MANAGEMENT INC Hedge Fund•Growth	Theodore H. Ashford CEO	4.82% $43.3M	1.25% 244.4K shares	Q1 2024 Held for 1y 8m	$897.8M
Private Capital Management, LLC RIA/Wealth	Gregg Joseph Powers CEO	4.08% $40.2M	1.17% 227.2K shares	Q2 2024 Held for 1y 5m	$986.6M
Ranger Investment Management, L.P. Long Only Manager	Andrew Ferguson Hill President	3.40% $48.8M	1.41% 275.3K shares	Q1 2024 Held for 1y 8m	$1.4B
R RICE HALL JAMES & ASSOCIATES, LLC Long Only Manager	Thomas W Mcdowell Chairman	2.84% $52.2M	1.51% 294.5K shares	Q1 2015 Held for 10y 8m	$1.8B
Chicago Capital, LLC RIA/Wealth	Eric Scott Maddix Managing Partner	2.48% $100.7M	2.92% 568.6K shares	Q2 2020 Held for 5y 5m	$4.1B
ESSEX INVESTMENT MANAGEMENT CO LLC Long Only Manager	Nancy Beth Prial CEO	1.66% $10.8M	0.31% 61.1K shares	Q2 2024 Held for 1y 5m	$652.5M
A Acuitas Investments, LLC Fund of Funds	Lisa Marie Thenell COO	1.53% $2.4M	0.07% 13.5K shares	Q4 2023 Held for 1y 11m	$155.8M
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	Pamela Marie Lawrence President	1.46% $19.0M	0.55% 107.3K shares	Q3 2024 Held for 1y 2m	$1.3B
PIER 88 INVESTMENT PARTNERS LLC Hedge Fund•Long/Short	Francis Thomas Timons CEO	1.35% $1.3M	0.04% 7.2K shares	Q3 2025 Held for 2 months	$94.4M

Hedge Fund Spotlight

Discover hedge funds investing in LGND

EntryPoint Capital, LLC

Hedge Fund • Long/Short

Portfolio ManagerLawrence Edward Leibowitz

Portfolio Value: $258.4M
Positions: 644
Last Reported: Q3 2025

Sector Allocation

Position in Ligand Pharmaceuticals

Market Value: $533.0K
Shares Held: 3.0K
Portfolio Weight: 0.21%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Verizon Communications VZ	Telecommunications Services Communication Services	$1.5M	0.60%
2 Strategic Education, Inc. STRA	Education & Training Services Consumer Defensive	$1.5M	0.58%
3 ESCO Technologies ESE	Hardware, Equipment & Parts Technology	$1.5M	0.56%