LGND // Ligand Pharmaceuticals Incorporated

DES <GO> NASDAQ CIK 0000886163 ↗

Health Care • Biotechnology: Pharmaceutical Preparations

$317.33 ▼ -1.45 (-0.45%)

MKT CAP: $6.33B • VOL: 299.5K

52W L $176 52W H $327

ALTMAN Z

8.40 SAFE

PIOTROSKI

8 / 9

LGND // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 56/100 [D+] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D+

RQD CONFIDENCE

56 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.74

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

14 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

Why did LGND's Forensic Fundamentals & Insider Conviction sub-score just flash a warning? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever LGND is Upgraded or Downgraded.

SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON LGND)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +6.42σ

LGND Accounting Gap: Net Income (+220%) Outpaced OCF (-49.1%) With +93.2% Working-Capital Build

CASH CONVERSION GAP

+269.1% (NI vs OCF)

RECEIVABLES / WC BLOAT

+93.2% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Ligand Pharmaceuticals Incorporated (LGND) exposes a +269.1% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (-49.1%). Non-cash current assets and receivables expanded +93.2% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

LGND // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +40.66%▲ RESISTANCE BREAKOUT

2026-10-30O $319.2H $324.9L $314.5C $322.8VOL 344.3K

RES: $317.1SUP: $255.1SMA50: $296.4SMA200: $252.7

LGND // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

ACCUMULATE CONVICTION: 65/100

BEAR 0

100 BULL

Ligand Pharmaceuticals Incorporated (LGND) exhibits 41.0% gross margins and 3.0% return on invested capital within Health Care (Biotechnology: Pharmaceutical Preparations), balanced against a 95.0x enterprise multiple and 7.1% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 41.0% gross profitability converts into 15.3% operating margin and 3.0% ROIC, outpacing sector cost of capital.

ROIC: 3.0% // GM: 41.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +60.4% paired with 0.77% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +60.4% // FCF YLD: 0.77%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 8.40 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 8.40 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 50.8x trailing P/E (42.7x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 50.8x // EV/EBITDA: 95.0x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.1% implied move with a 0.74 put/call ratio around $311.00 max pain.

IMPL MOVE: ±7.1% // P/C: 0.74

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Biotechnology: Pharmaceutical Preparations require continuous execution to defend 46.4% net margins.

NET MARGIN: 46.4% // D/E: 0.22x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 42.7x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.07).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 50.8x

FORWARD P/E 42.7x

EV / EBITDA 95.0x

FCF YIELD 0.77%

GROSS MARGIN 41.0%

OPERATING MARGIN 15.3%

NET MARGIN 46.4%

ROIC % 3.0%

REV GROWTH YOY +60.4%

DILUTED EPS TTM $6.24

DEBT / EQUITY 0.22x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 63.4

5Y EQUITY BETA 1.07

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // LGNDPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $290.37

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for LGND & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

LGND VS LLY

MARGINS ROIC VALUATION

LGND VS JNJ

MARGINS ROIC VALUATION

LGND VS ABBV

MARGINS ROIC VALUATION

LGND VS UNH

MARGINS ROIC VALUATION