Chicago Capital LLC Decreases Stake in Ligand Pharmaceuticals

Hedge fund reduces position in biotech company by 1.3% in Q4

Apr. 18, 2026 at 7:37am

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Chicago Capital LLC, a major institutional investor, decreased its stake in Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) by 1.3% in the fourth quarter, according to a recent SEC filing. The firm still owns approximately 2.6% of Ligand Pharmaceuticals, making it one of the company's largest shareholders.

Why it matters

Ligand Pharmaceuticals is a prominent biotech firm focused on developing and licensing drug technologies. Changes in ownership by major institutional investors like Chicago Capital can signal shifts in market sentiment around the company and its prospects.

The details

According to the 13F filing, Chicago Capital LLC sold 7,188 shares of Ligand Pharmaceuticals in Q4 2025, reducing its total position to 561,423 shares. The firm remains Ligand's 9th largest shareholder, owning around 2.85% of the company's outstanding stock worth over $106 million.

  • Chicago Capital LLC filed its 13F report for the fourth quarter of 2025 on April 18, 2026.
  • The firm decreased its Ligand Pharmaceuticals stake by 1.3% during the October-December 2025 period.

The players

Chicago Capital LLC

A major institutional investment firm based in Chicago that owns a sizable stake in Ligand Pharmaceuticals.

Ligand Pharmaceuticals Incorporated

A biopharmaceutical company that develops and licenses drug technologies to pharmaceutical and biotech firms.

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The takeaway

The reduction in Chicago Capital's Ligand Pharmaceuticals stake, though modest, could signal some uncertainty around the biotech firm's near-term prospects among institutional investors. However, the hedge fund remains a major shareholder, indicating ongoing confidence in Ligand's long-term potential.