SCHEDULE: Janus Henderson Discloses 5.3% Stake in Ligand Pharma

Janus Henderson Group plc has reported a 5.3% beneficial ownership stake in Ligand Pharmaceuticals Incorporated common stock as of September 30, 2025.

Summary

• Janus Henderson Group plc, a Jersey-based holding company and investment adviser, filed an Amendment No. 9 to Schedule 13G regarding its beneficial ownership in Ligand Pharmaceuticals Incorporated.
• The filing reports beneficial ownership of 1,042,378 shares of Ligand Pharmaceuticals Incorporated common stock.
• This represents 5.3% of the class of securities, with shared voting and dispositive power over these shares.
• An indirect subsidiary, JHIUS, is deemed the beneficial owner of 966,410 shares, which constitutes 4.9% of the class.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of a significant passive stake by a major institutional investor, indicating continued confidence in the issuer without any explicit negative implications. The 'ordinary course of business' statement is standard for 13G filings.

Positives

• A significant institutional investor, Janus Henderson Group plc, maintains a substantial stake in Ligand Pharmaceuticals, indicating continued confidence.
• The acquisition of shares is stated to be in the ordinary course of business, suggesting a passive, long-term investment strategy rather than activist intent.

Future Outlook

NA

Management Comments

• "The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

This filing indicates continued institutional interest in the pharmaceutical sector, specifically in Ligand Pharmaceuticals. It reflects a routine disclosure of a significant passive investment by a major asset manager, which is a common occurrence in the investment landscape.

Comparison to Industry Standards

• A 5.3% stake is a notable position for an institutional investor in a publicly traded pharmaceutical company, aligning with typical portfolio allocations for large asset managers.
• Janus Henderson Group plc, as an investment adviser and holding company, routinely manages significant stakes across various industries, making this a standard part of their investment activities and consistent with industry practices for large-scale asset management.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, potentially reinforcing market confidence.
• Management: Awareness of a large passive institutional holder, though no direct impact on control is indicated.

Next Steps

• Janus Henderson Group plc will continue to monitor its investment in Ligand Pharmaceuticals Incorporated.
• Further amendments to Schedule 13G will be filed if there are significant changes in beneficial ownership (e.g., crossing 1% thresholds or falling below 5%).

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a passive ownership stake by an institutional investor. It does not contain new financial performance data, strategic updates, or material events that would warrant a change in investment recommendation. The continued significant stake by Janus Henderson Group plc suggests ongoing confidence, but without further operational or financial news, a 'hold' recommendation is appropriate for existing investors, while new investors should base decisions on a broader analysis of Ligand Pharmaceuticals' fundamentals.

Keywords

Ligand Pharmaceuticals, Janus Henderson, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Pharmaceuticals, Investment Adviser, Holding Company