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Biotech / Medical : Ligand (LGND) Breakout!
LGND 201.28-2.1%3:59 PM EST
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To: J Stone who wrote (28914)6/22/1999 3:56:00 PM
From: Cheryl Galt  Read Replies (3) of 32384
 
>> Time is running out for the Targretin 2nd quarter filing. If it doesn't occur by the end of the month, will the price retreat? <<

I fully expect the NDA filing WILL be announced by quarter end.

On June 14th, with only 12 business days left in the first half of the year, the company's own press release (at ENDO '99) declared, "Ligand expects to file a new drug application for Targretin capsules in the first half of 1999."

I can't believe they'd say that unless they were SURE the FDA has agreed to accept their NDA filing.
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But since the "news" of the coming filing is basically out, I wonder if its press release will move the stock. It will be interesting to see if the stock will continue -- as your TA has shown -- to drift up on no news (or on re-issues of old news).
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Actually, it makes sense for the company to gradually release any and all good news as late as possible -- as we approach the 10-day pricing period before the Ontak/SRGN settlement.

Ontak's approval was announced Feb 5th. July 22nd -- ten business days before August 5th -- is just a month away.

So perhaps this will be the first press release of several, to generate momentum. It would help if they could announce formulary or Medicaid acceptance for Panretin gel, and good accruals of ABC patients. It would help if T for CTCL gets priority review -- but i no longer expect that.

Thanks again for your balanced TA efforts, Jeff.
Cheryl
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