Ligand Pharmaceuticals Incorporated (LGND) Fair Value & Analysis
Healthcare · US · Market cap $6.5B · ISIN US53220K5048
What is Ligand Pharmaceuticals Incorporated really worth?
Ligand Pharmaceuticals Incorporated
LGND · US
Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
A solid business, but trading 522% above our fair value of $46.55.
Strengths
Risks
Fair value as of: Aug 30, 2026
From 26 valuation models · updated 6 days ago
Share price −3.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($105.29). The favourable scenario is already priced in.
- The model range is unusually wide ($29.84 to $105.29). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range $46.49 – $322.61 · fair‑value band $29.84 – $105.29 · the $289.74 price screens above the $46.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 30, 2026.
Analysis
Ligand Pharmaceuticals Incorporated (LGND) currently trades at $289.74, while our model-based Fair Value estimate is $46.55, implying the stock looks roughly 522.3% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Healthcare sector. Bull case: the Growth Earnings group reads highest at a median of $169.17 per share, and 0 of the 24 models we run sit above the $289.74 price. Bear case: the Asset-Based group reads lowest at $34.01, and 24 of the 24 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Ligand Pharmaceuticals Incorporated generated revenue of $274M at a net margin of 56.0%. Revenue grew 14.1% year over year. It earns a return on equity of 17.1%. Net debt stands at $277M. Fundamentals as of Aug 30, 2026
Our scenario range runs from $29.84 (bear case) to $105.29 (bull case); at $289.74, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 180% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −59% fair-value upside, at −84%, LGND screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $5.18 per share, which is 11.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings ($169.17) versus Dividend Discount ($3.78). Highest evidence: FCF DCF (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 80
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, develops and licenses biopharmaceutical assets worldwide.
Full company description
Ligand Pharmaceuticals Incorporated, a biopharmaceutical company, develops and licenses biopharmaceutical assets worldwide. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
LGND screens 522% overvalued. Compare with Vertex Pharmaceuticals Incorporated →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Ligand Pharmaceuticals Highlights XOMA-Fueled Royalty Growth, $700M in Deployable Capital
- Ligand to Participate in September Investor Conferences
- Ligand Pharmaceuticals (LGND) Stock Trades Below Fair Value Following A 337% Run
- Ligand Pharmaceuticals (LGND) Reaffirms 2026 Guidance, Is The Stock Fully Priced?
Peer Group
Biotechnology · 622 stocks
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.
Valuation Multiples vs Biotechnology median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vertex Pharmaceuticals Incorporated VRTX | $547.55 | $278.78 | −49% |
| Regeneron Pharmaceuticals, Inc REGN | $807.71 | $594.40 | −26% |
| argenx SE ARGX | €877.60 | €292.84 | −67% |
| Samsung Biologics Co 207940 | 1,518,000 KRW | 1,055,793 KRW | −30% |
| CSL Limited CSL | A$174.50 | A$141.68 | −19% |
| Alnylam Pharmaceuticals, Inc ALNY | $228.61 | $51.70 | −77% |
| Royalty Pharma plc RPRX | $60.58 | $24.22 | −60% |
| Celltrion, Inc 068270 | 190,700 KRW | 74,519 KRW | −61% |
| BeOne Medicines AG ONC | $362.51 | $111.35 | −69% |
| BioNTech SE BNTX | $111.40 | $45.66 | −59% |
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