Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Ligand Pharmaceuticals Inc (LGND)

350 + Investors. Track Smart Money conviction in LGND. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +8
Streak
10Q ▲
Buyers last Q
53%

Smart Money Signals — LGND

Based on 352 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 10 quarters in a row

last 6Q
For 10 consecutive quarters, more hedge funds added LGND than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
352 hedge funds hold LGND right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +38% more funds vs a year ago

fund count last 6Q
+96 new funds entered over the past year (+38% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡

Slight buying edge — 53% buying

189 buying166 selling
Last quarter: 189 funds bought or added vs 166 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️

Fewer new buyers each quarter (-15 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 32 → 68 → 71 → 56. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

57% of holders stayed for 2+ years

■ 57% conviction (2yr+) ■ 21% medium ■ 22% new
201 out of 352 hedge funds have held LGND for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
📈

Growing discovery — still being found

35 → 32 → 68 → 71 → 56 new funds/Q
New funds entering each quarter: 32 → 68 → 71 → 56. A growing number of institutions are discovering LGND each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 65% veterans vs 24% newcomers

■ 65% veterans ■ 11% 1-2yr ■ 24% new
Entry-cohort mix of 359 holders: 232 (65%) are 2+ year veterans, 41 entered 1–2 years ago, and 86 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 42% AUM from top-100 funds

42% from top-100 AUM funds
52 of 351 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in LGND. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
4.1
out of 10
Moderate Exit Risk
Exit risk score 4.1/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — LGND

In 2026 Q1, 189 hedge funds were net buyers of LGND (56 opened a new position, 133 added to an existing one), while 166 reduced or exited (118 trimmed, 48 sold completely) — a 53% buyer ratio, indicating a slight buying edge. This marks 10 consecutive quarters of net institutional buying — a persistent conviction signal. 42% of total institutional value in LGND is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: +8 funds (more new holders than closures). Total institutional holders: 352.

Hedge Fund Ownership: LGND

How many hedge funds hold LGND — quarterly history vs. share price
Quarterly hedge fund ownership of LGND vs. share price

Market Analysis: LGND

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: LGND

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Ligand Pharmaceuticals Inc (LGND) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much LGND has moved relative to its sector benchmark (XLV) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 75d ago
LGND
+28.0%
XLV
+4.9%

LGND outperformed XLV by +23.1% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 30d ago
LGND
+19.9%
XLV
+6.0%

Since the filing became public, LGND outperformed XLV by +13.9% .

Interpretation: The stock has meaningfully outrun its sector. The trade has partially played out; entry is at a premium to the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

29 top-rated funds 1 high-conviction
Consensus
6.4
/ 10
breadth
×
Elite
2.0
/ 10
conviction
Hedge Fund Positioning: LGND
350 + Investors

Track Smart Money conviction in LGND. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 350 344 1.74%
13F Shares 21M 21M 0.19%
Total Value $4.07B $3.89B 4.56%
New Positions 55 71 -16
Increased Positions 132 111 +21
Closed Positions 49 32 +17
Reduced Positions 114 113 +1
Total Calls 4 4 -
Total Puts 4 2 100.0%
PUT/CALL Ratio 1.0 0.5 Neutral

Statistics: LGND

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Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

350 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in LGND. Verified SEC 13F-HR filings.

QUARTER:
Top 25 LGND holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Ashford Capital Management Inc 5.12% 207,565 $41.4M
2 Villere St Denis J & Co LLC 4.16% 188,874 $37.7M
3 Private Capital Management, LLC 4.00% 201,381 $40.2M
4 Ranger Investment Management, L.P. 3.87% 267,943 $53.5M
5 Rice Hall James & Associates, LLC 3.15% 283,567 $56.6M
6 Chicago Capital, LLC 3.02% 561,675 $112.1M
7 Lisanti Capital Growth, LLC 1.94% 38,612 $7.7M
8 Essex Investment Management Co LLC 1.85% 58,460 $11.7M
9 Ishara Investments LP 1.55% 8,200 $1.6M
10 Penn Capital Management Company, LLC 1.48% 95,456 $19.1M
11 Next Century Growth Investors LLC 1.39% 95,876 $19.1M
12 Stephens Investment Management Group LLC 1.35% 494,670 $98.8M
13 Future Fund LLC 0.97% 13,840 $2.8M
14 Uniplan Investment Counsel, Inc. 0.82% 40,185 $8.0M
15 Emerald Investment Advisers, LLC 0.79% 44,226 $8.8M
16 Congress Asset Management Co 0.72% 504,637 $100.8M
17 Granite Investment Partners, LLC 0.66% 54,155 $10.8M
18 Moody Aldrich Partners LLC 0.53% 14,675 $2.9M
19 Isthmus Partners, LLC 0.50% 24,059 $4.8M
20 Dana Investment Advisors, Inc. 0.41% 69,234 $13.8M
21 Legato Capital Management LLC 0.41% 22,378 $4.5M
22 Pier 88 Investment Partners LLC 0.40% 8,000 $1.6M
23 Woodstock Corp 0.34% 19,120 $3.8M
24 City Center Advisors, LLC 0.33% 1,795 $358K
25 Cetera Trust Company, N.A 0.33% 2,880 $575K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Ligand Pharmaceuticals Inc (LGND)

What does the Smart Money Trend signal show for LGND?

Buying streak — 10 quarters in a row: For 10 consecutive quarters, more hedge funds added LGND than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for LGND?

Slight buying edge — 53% buying: Last quarter: 189 funds bought or added vs 166 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for LGND holders?

Elite ownership — 42% AUM from top-100 funds: 52 of 351 holders are among the 100 largest funds by AUM, controlling 42% of total institutional value in LGND. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held LGND?

57% of holders stayed for 2+ years: 201 out of 352 hedge funds have held LGND for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Ligand Pharmaceuticals Inc (LGND) following the 2026 Q1 hedge fund 13F filings?

As of today, LGND has moved +19.9% since the 2026 Q1 13F filing date (May 15, 2026), compared to +6.0% for the XLV sector ETF — an outperformance of +13.9%. Since the quarter end (March 31, 2026), LGND has gained +28.0% vs +4.9% for XLV. The stock has meaningfully outrun its sector. The trade has partially played out; entry is at a premium to the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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