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Biotech / Medical : AMLN (DIABETES DRUGS)

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To: tonyt who wrote (723)9/10/1997 12:15:00 AM
From: Henry Niman   of 2173
 
Tony, The Lombard charts are at:
lombard.com
(require a free registration)
Swaps occur when trades of similar size are executed with a very samll price differential (1/16 or 1/8). One of the trades is a sell, the other is a buy. The large blocks stand out above the other trades and its easy to see swaps. However, LGND's chart for the past two days do not show swaps. Instead the large blocks are almost all at the ask price, while the small trades are usually at the bid.
Retail is selling (they didn't get their LGND announcement), while the big boys are buying big time. For the past two days there has been a cap at 16. Even though the big block trades are going through at the ask, the price doesn't budge.
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