Ashford Capital Management increased its stake in Vicor by 128,664 shares worth $10.94 million in Q4 2025, bringing its total position to $38.78 million (4.32% of assets). The investment comes as Vicor stock has surged 213% over the past year, driven by strong Q3 results showing 18.5% revenue growth and 57.5% gross margins. The fund's confidence suggests belief in structural demand for Vicor's high-performance power conversion technology in AI and data center infrastructure.

Ashford Capital Management sold 19,607 shares of Cavco Industries (CVCO) worth approximately $11.11 million in Q4 2025, reducing its position from 3.1% to 1.87% of fund assets. The sale appears to be a capital reallocation rather than a loss of conviction, as Cavco's fundamentals remain solid with Q3 revenue up 11.3% year-over-year, though the stock has underperformed the S&P 500 by 1.5 percentage points over the past year.

Ligand Pharmaceuticals announced 2026 full year revenue guidance of $245-$285 million, representing a 15% core revenue growth, with strong expectations for royalty revenue from key pharmaceutical products.

Pelthos Therapeutics signed an agreement with a major Pharmacy Benefit Manager to expand patient access to ZELSUVMI, its FDA-approved topical gel for treating molluscum contagiosum, which affects an estimated 16.7 million people annually.

SQ Innovation received FDA approval for Lasix® ONYU, an at-home subcutaneous treatment for edema in heart failure patients, utilizing Ligand's Captisol technology to create a novel high-concentration furosemide formulation.

Arecor Therapeutics signed a co-development agreement with Sequel Med Tech to combine AT278 insulin with Sequel's automated insulin delivery system, and sold royalty rights to Ligand Pharmaceuticals for up to $11 million, extending their cash runway to 1H 2027.

The global topical drugs Contract Development and Manufacturing Organization (CDMO) market is projected to grow from $46.32 billion in 2024 to $136.71 billion by 2034, with a CAGR of 11.43%. Key growth drivers include increasing demand for non-invasive therapies, advancements in drug delivery technologies, and expanding pharmaceutical outsourcing.

Ligand Pharmaceuticals executives will participate in two upcoming investor conferences: Citi 20th Annual BioPharma Conference in Boston and H.C. Wainwright 27th Annual Global Investment Conference in New York, presenting and hosting investor meetings.

Ligand Pharmaceuticals completed a $460 million convertible senior notes offering due in 2030, using proceeds for general corporate purposes, stock repurchases, and hedge transactions to manage potential stock dilution.

Ligand Pharmaceuticals plans to issue $400 million in convertible senior notes due in 2030, with an option to increase the offering by $60 million. The notes will have a 0.75% interest rate and can be converted into common stock under certain conditions.

Ligand Pharmaceuticals plans to offer $400 million in convertible senior notes due in 2030, with potential additional $60 million option, to be sold to qualified institutional buyers. The company intends to use proceeds for general corporate purposes, potential investments, and share repurchases.

Ligand Pharmaceuticals and Channel Therapeutics announced a merger agreement, where Ligand's Pelthos Therapeutics subsidiary will be combined with Channel. The combined company will focus on commercializing Pelthos' FDA-approved ZELSUVMI for the treatment of Molluscum contagiosum infections.