Ligand Pharmaceuticals Incorporated (LGND) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Ligand Pharmaceuticals Incorporated stock $108, price $306, that is 64.6% below the price, quality 52 out of 100. Rating: strongly overvalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $46.49 – $322.75 · fair‑value band $70.60 – $216.14 · the $306.20 price screens above the $108.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
Follow Ligand Pharmaceuticals in your weekly email
Every Wednesday you see whether Ligand Pharmaceuticals is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, develops and licenses biopharmaceutical assets worldwide.
Show moreShow less
It offers Pradefovir, Posaconazole, Voriconazole, CAPVAXIVE, NOXAFIL, MenFive, and ZELSUVMI for infectious disease; EVOMELA and KYPROLIS for multiple myeloma; FILSPARI for the treatment of immunoglobulin a nephropathy; PNEUMOSIL, a pneumococcal conjugate vaccine to help fight against pneumococcal pneumonia in children; and QARZIBA to treat neuroblastoma.
The company also provides Teriparatide injection product for osteoporosis; RYLAZE, a recombinant erwinia asparaginase for acute lymphoblastic leukemia or lymphoblastic lymphoma in adult and pediatric patients; TZIELD, a CD3-directed antibody indicated to delay the onset of Stage 3 type 1 diabetes in adults and children aged 8 years and older with Stage 2 T1D; and VAXNEUVANCE for the prevention of invasive disease caused by streptococcus pneumoniae serotypes.
In addition, it offers Duavee for menopause; Frovatriptan to treat Neurology; FYCOMPA and SESQUIENT for CNS; MEKINIST for cardiology; Nexterone, a captisol-enabled formulation of amiodarone; VEKLURY, an antiviral treatment for COVID-19; and Viviant for osteoporosis.
Further, the company develops ACLX-002, Ciforadenant, UGN-301, Viright, MB07133, BOT/BAL, and Lasofoxifene for oncology; Ensifentrine for respiratory disease; QTORIN for rare disease; Sparsentan for kidney disease; VK2809 for hepatology; ANEB-001 for acute cannabinoid intoxication; Reproxalap for opthamology; VK0214 for Rare Disease; and VK5211 for musculoskeletal disorder.
The company was incorporated in 1987 and is based in Jupiter, Florida.
Stock analysis
Ligand Pharmaceuticals Incorporated (LGND) currently trades at $306.20, while our model-based Fair Value estimate is $108.46, 65% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of $209.81 per share, and 0 of the 22 models we run sit above the $306.20 price.
Bear case: the Asset-Based group reads lowest at $14.49, and 22 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $70.60 (bear) to $216.14 (bull), the price of $306.20 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Ligand Pharmaceuticals Incorporated reported revenue of $268M in FY2025 versus $242M in FY2021, a compound +2.6%/yr. Reported net income was $124M in FY2025, compounding +21.5%/yr from FY2021.
Key figures
Market cap $6.7B Mid · P/E ratio 32.3 · P/S ratio 15.0 · EPS (TTM) $9.49 · Net margin 46.4% · Return on equity 5.4% · Return on assets (EBIT) 2.1% (5-year average) · Operating margin −12.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 69% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −65%, LGND screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($14.49 to $296.05). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear$70.60Fair Value $108.46Bull$216.14
Price $306.20 · Downside -64.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($8.14 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 8 officers or directors sold shares worth $26.2M and none bought.
SaleJason AryehDirector3× since Jun 10, 2026: 7,393 shares, avg. $272.74$2.0MNov 4, 2026
SaleAndrew ReardonCLO & Secretary9× since Mar 4, 2026: 45,000 shares, avg. $263.51$11.9MNov 2, 202610b5-1 plan
SaleMartine ZimmermannDirector1,200 shares at $285.00$342,000Sep 10, 2026
SaleJason HaasDirector2× since Jun 12, 2026: 13,599 shares, avg. $275.12$3.7MAug 12, 2026
SaleOctavio EspinozaChief Financial Officer4× since Dec 12, 2025: 49,925 shares, avg. $261.03$13.0MAug 12, 2026
SaleStephen L SabbaDirector3× since Mar 3, 2026: 5,179 shares, avg. $224.47$1.2MJun 16, 2026
SaleJohn L LamattinaDirector2× since Mar 6, 2026: 6,752 shares, avg. $234.84$1.6MJun 10, 2026
SaleJohn W KozarichDirector6× since Dec 1, 2025: 4,836 shares, avg. $211.46$1.0MMay 13, 202610b5-1 plan
Plus 21 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−19.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−19.0% vs −0.3%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+47.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+21.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +43.7% a year for the price and +18.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: The royalty aggregation model gains breadth from marketed products in oncology and rare diseases, yet integration demands and uncertain timelines of early-stage assets limit evidence of a durable moat.
Main risk: Larger players such as Royalty Pharma could outbid Ligand for attractive royalty assets from small- and mid-cap biotechs, limiting portfolio expansion and returns on new deals.
Bull case: By focusing on its niche in smaller late-stage assets and integrating the expanded XOMA portfolio, Ligand could secure additional deals and accelerate cash flows from newly added commercial products.
Bear case: If larger rivals consistently win the best royalty assets while supplier issues affect Captisol, Ligand might face slower portfolio growth and higher integration risks across its enlarged set of early-stage programs.
Ligand just completed its acquisition of XOMA Royalty, more than doubling the royalty portfolio to over 200 assets that now include several marketed products across oncology and rare diseases. The expanded scale adds breadth to the royalty aggregation model but also brings integration demands and a larger set of early-stage programs whose timelines remain uncertain. Will the added commercial products generate steady cash flows faster than the development risks from the new assets slow overall progress?
Compare Ligand Pharmaceuticals Incorporated with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 558 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score52 · Above median
Fair Value upside−64.6% · Below median
Profitability
Return on equity (12 months)5.4% · Above median
Return on assets8.0% · Top 25%
Net margin (12 months)20.3% · Above median
Operating margin (12 months)−12.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−31.8% · Bottom 25%
Balance sheet
Debt / equity0.44× · Highest 25%
Valuation Multiplesvs Biotechnology median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Ligand Pharmaceuticals Incorporated (LGND) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $108.46 versus a price of $306.20, about 65% lower (overvalued).
What is the fair value of LGND?
Our model-based fair value for Ligand Pharmaceuticals Incorporated is $108.46 (as of Nov 8, 2026), built from audited fundamentals. The current price: $306.20.
What is the quality score of LGND?
Ligand Pharmaceuticals Incorporated has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ligand Pharmaceuticals Incorporated (LGND)?
Our model-based price target is the fair value of $108.46 (as of Nov 8, 2026) from 22 valuation models. Cautious scenario $70.60, optimistic scenario $216.14. It is a calculation from audited fundamentals, not an analyst target.
What is the Ligand Pharmaceuticals Incorporated stock forecast for 2026?
Our models put fair value at $108.46, about 65% lower versus a price of $306.20 (overvalued). Cautious scenario $70.60, optimistic scenario $216.14. The calculation is refreshed regularly with new filings.
What is the revenue of Ligand Pharmaceuticals Incorporated (LGND)?
Ligand Pharmaceuticals Incorporated reported trailing-twelve-month revenue of about $254M (latest available figure, as of Nov 8, 2026).
What growth is priced into Ligand Pharmaceuticals Incorporated (LGND)?
For today's price to be fair in a discounted-cash-flow model, Ligand Pharmaceuticals Incorporated would have to grow free cash flow by +47.1 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.4 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of LGND use?
Our models discount Ligand Pharmaceuticals Incorporated at 9.8 %: a base by market capitalisation (mid), damped by beta 1.01, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Ligand Pharmaceuticals Incorporated that is +47.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Ligand Pharmaceuticals Incorporated (LGND) delivered so far?
Over the past 5 years revenue at Ligand Pharmaceuticals Incorporated grew +10.4 % a year. The price currently implies free-cash-flow growth of +47.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Ligand Pharmaceuticals Incorporated (LGND) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Ligand Pharmaceuticals Incorporated (+47.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ligand Pharmaceuticals Incorporated (LGND)?
The free-cash-flow yield on the price is 0.73 %: that much free cash flow Ligand Pharmaceuticals Incorporated produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ligand Pharmaceuticals Incorporated (LGND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ligand Pharmaceuticals Incorporated it is $108.46 per share (as of Nov 8, 2026), against a price of $306.20. It is the blended result of 22 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Ligand Pharmaceuticals Incorporated stock overvalued or undervalued in 2026?
As of Nov 8, 2026, LGND trades above its calculated fair value: price $306.20, fair value $108.46, a gap of about −65% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of LGND?
No. The price is what the market pays today ($306.20); the fair value is what the company's own numbers justify ($108.46). For Ligand Pharmaceuticals Incorporated the two are $197.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ligand Pharmaceuticals Incorporated worth?
The market values Ligand Pharmaceuticals Incorporated at about $6.7B (market capitalisation, as of Nov 8, 2026). Per share that is $306.20; our models calculate a fair value of $108.46 per share.
What do the bullish and bearish scenarios say about LGND?
Our models span a range for Ligand Pharmaceuticals Incorporated: cautious scenario $70.60, base $108.46, optimistic $216.14 per share (as of Nov 8, 2026, price $306.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LGND?
Ligand Pharmaceuticals Incorporated trades at a price-to-earnings ratio of 32.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $108.46 is built from several models across several years. Other multiples: PEG 1.5, P/B 6.6, P/S 26.3.
What is the PEG ratio of LGND?
The PEG ratio of Ligand Pharmaceuticals Incorporated is 1.53 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Ligand Pharmaceuticals Incorporated (LGND)?
Balance-sheet figures for Ligand Pharmaceuticals Incorporated (as of Nov 8, 2026): return on equity 5.4%, debt of 0.44 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is LGND from its 52-week high?
Ligand Pharmaceuticals Incorporated trades at $306.20, about 5% below its 52-week high of $322.75 and 69% above the low of $181.65 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $108.46 is for.
Which stocks are comparable to Ligand Pharmaceuticals Incorporated?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ligand Pharmaceuticals Incorporated stock attractive at the current price?
The data as of Nov 8, 2026: price $306.20, calculated fair value $108.46 (−65%), Quality Score 52/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of LGND calculated?
We run Ligand Pharmaceuticals Incorporated through 22 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $108.46 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Ligand Pharmaceuticals Incorporated itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ligand Pharmaceuticals Incorporated (LGND)?
The closing price on Nov 6, 2026 was $306.20. Our model-based fair value is $108.46, about 65% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ligand Pharmaceuticals Incorporated right now?
The price sits above even our optimistic bull case ($216.14). The favourable scenario is already priced in. The model range is unusually wide ($70.60 to $216.14). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Ligand Pharmaceuticals Incorporated
How large is the market capitalisation of Ligand Pharmaceuticals Incorporated (LGND)?
The market capitalisation of Ligand Pharmaceuticals Incorporated is $6.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ligand Pharmaceuticals Incorporated (LGND)?
The price-to-sales ratio of Ligand Pharmaceuticals Incorporated is 15.0 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ligand Pharmaceuticals Incorporated (LGND)?
Earnings per share at Ligand Pharmaceuticals Incorporated are $9.49 (price ÷ EPS = P/E 32.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ligand Pharmaceuticals Incorporated (LGND)?
The net margin of Ligand Pharmaceuticals Incorporated is 46.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ligand Pharmaceuticals Incorporated (LGND)?
The return on equity (ROE) of Ligand Pharmaceuticals Incorporated is 5.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ligand Pharmaceuticals Incorporated (LGND)?
On an EBIT basis the return on assets of Ligand Pharmaceuticals Incorporated is 2.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ligand Pharmaceuticals Incorporated (LGND)?
The operating margin of Ligand Pharmaceuticals Incorporated is −12.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ligand Pharmaceuticals Incorporated (LGND)?
Revenue at Ligand Pharmaceuticals Incorporated is growing −31.8% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ligand Pharmaceuticals Incorporated (LGND)?
Earnings per share at Ligand Pharmaceuticals Incorporated are growing +825% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ligand Pharmaceuticals Incorporated (LGND) carry?
The net debt of Ligand Pharmaceuticals Incorporated is $277M (fiscal year 2025, ≈ 5.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Ligand Pharmaceuticals Incorporated in the live analysis
One click puts Ligand Pharmaceuticals Incorporated on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 8, 2026