Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 185.97

-0.4%

3:59 PM EST

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To: Earl Sacerdoti who wrote (7346)	9/23/1997 9:10:00 PM
From: Arthur Radley	of 32384

Earl, I have given this issue some thought and really don't have the answer. I do know that recently one of my mutual funds(Warburg Pincus Emerging Growth)had a position in LGND but sold it. This was several months ago and I think that they had their position for a long period.I do know that in other Warburg funds that they still have LGND in their portfolio. At first I was mad about them selling LGND but when I remembered that the fund is up 25% YTD I got happy again. I'm not really worried about LGND for we have to remember that it is up 30%+ in the past few weeks and todays volume was certainly on the low side. The drop was instantaneous and immediately found a base. Think about this scenario...You are a MM in LGND and you know that in a matter of days that good news is coming out. With limited exposure you drop the bid/ask on one of the lowest volume days and shake out a few shares so that you can build your inventory backup for the blowout news that will happen in just a matter of days.Just think, inventoried stock at a cost to you of 16 3/8 that will soon go for $20.00 plus. Just a thought.

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