How often does Ligand Pharmaceuticals move more than the options market prices?

2 of the last 8 reports moved at least as far as the implied move.

LGNDNasdaqPharmaceutical Preparations

Ligand Pharmaceuticals Inc (LGND) earnings date, market-implied expected move, and options open interest by expiry

313.04

Closed15:59 ET

Open305.01Volume195,586Mkt cap$6.3BP/E114.67EPS2.73

Day305.01 – 315.9573%52-wk175.89 – 326.6391%

LGND

Ligand Pharmaceuticals Inc

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

No implied move.

Expected move

Inputs

Next report

Feb 25

before open · in 113 days

est.Q4 FY26

Calendar

Next report

Last report

−0.45%

vs ±7.5% implied · ×0.06

shaded = implied · ▲▼ = realized

Oct 29 '26 · confirmed

Implied vs realized

Largest filed tie

17.00%

of Orchestra BioMed Holdings revenue

supplierOBIO 10-K

Supply chain

Largest filed tie

13F top-10 QoQ

+12.36%

shares held · 10 largest managers

13F · Jun 30 '26127d lag

420 managers

Top fund weight

0.20%

LGND weight · IWM

N-PORTJun 30 '26

4 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Ligand Pharmaceuticals (LGND) is expected to report on Feb 25 before open (estimated date).

Implied vs realized

8 reports

2 of 8≥ implied

avg implied: ±6.8%
avg realized: ±3.6%

Feb 27 '25Feb 27 '25confirmed±8.5%▲+0.57%×0.07

May 8 '25May 8 '25confirmed±6.2%▼−2.94%×0.48

Aug 7 '25Aug 7 '25confirmed±5.3%▲+2.75%×0.52

Q3 FY25Nov 6 '25confirmed±5.7%▲+9.37%×1.64

Q1 FY26Feb 26 '26confirmed±7.8%▲+2.50%×0.32

May 7 '26May 7 '26confirmed±6.2%▼−9.55%×1.55

Q2 FY26Aug 6 '26confirmed±7.1%▼−0.80%×0.11

Q3 FY26Oct 29 '26confirmed±7.5%▼−0.45%×0.06

quarterimplied−10%0+10%realized×

Q3 FY26±7.5%▼−0.45%×0.06

Q2 FY26±7.1%▼−0.80%×0.11

May '26±6.2%▼−9.55%×1.55

Q1 FY26±7.8%▲+2.50%×0.32

Q3 FY25±5.7%▲+9.37%×1.64

Aug '25±5.3%▲+2.75%×0.52

2 older reports

May '25±6.2%▼−2.94%×0.48

Feb '25±8.5%▲+0.57%×0.07

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 4 expiries · Oct 27 close

0.81OI · 4 expiries · Oct 27 closeP/C open interest · Nov 20 · nearest expiry

PUTS · chgexpiry · days · P/CCALLS · chgP/C

1090%Nov 2016d1340%

79+1%Dec 1844d1.01780%1.01

260%Jan 1572d0.58450%0.58

1210%Feb 19107d1.131070%1.13

ExpiryPutsCallsP/C

Nov 2016d1090%1340%0.81

Dec 1844d79+1%780%1.01

Jan 1572d260%450%0.58

Feb 19107d1210%1070%1.13

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

No implied move.

Linked exposure

Revenue flow

as filedQ3 FY26

−36.17%as filednet margin · revenue +23.63% QoQ · −31.80% YoY

Revenue$79M+23.63%

Gross profit$76M96.63%+25.82%

Operating income−$16M−20.01%−283.42%

Pre-tax income−$44M−168.57%

Net income−$28M−36.17%−158.72%

Cost of revenue$3M−17.55%

Operating expenses$92M+77.02%

Tax−$16M−198.82%

Other expense−$28M−150.86%

Source: SEC filings · standardized · QE Sep 30 '26 · bars = % of revenue

Revenue flow

Intraday

15m bars

Hatch = extended hours · ▯ up · ▮ downSource: market data · 15:45 ET

Intraday

Event sensitivity

CPI ×1.39· ±2.5% vs ±1.8% · 10 releases

eventrelease day|move|up · n×base

CPIconsumer prices±2.5%6 of 10×1.39

FOMCrate decision±2.4%12 of 24×1.32

PPIproducer prices±2.3%5 of 10×1.26

PCEpersonal income & outlays±2.1%10 of 19×1.18

NFPjobs report±1.8%5 of 10×1.00

GDPgross domestic product±1.5%11 of 19×0.84

CPROFcorporate profits±1.2%7 of 12×0.69

Bar = avg |move| to ±3% · tick = ±1.8% avg day · ×base = |move| ÷ ±1.8% · min 6 releases

Earnings history

EPS -1.43 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Oct 29 '26 · confirmed	-1.43	—
Q2 FY26	Aug 6 '26 · confirmed	2.22	—
Q1 FY26	Feb 26 '26 · confirmed	-0.67	—
Q3 FY25	Nov 6 '25 · confirmed	5.68	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod