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Biotech / Medical : Ligand (LGND) Breakout!
LGND 201.15-1.3%Jan 23 9:30 AM EST
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To: Torben Noerup Nielsen who wrote (30003)1/9/2000 12:43:00 PM
From: Andreas Helke  Read Replies (1) of 32384
 
When considering my Ligand warrants Iïd really like a big move before they expire. I bought my warrants mostly when I expected a near to medium time move of Ligand shares from $15 to $25. Instead with the help of the collapse of the Long Term Capital Management fund Ligand went to $5.5 and the Ligand Warrants decimated my leveraged Datek biotech portfolio. I got a couple of nasty margin calls because I could not move money fast enough from my european portfolios which at that time were in much better shape but still not good. Therefore I did not even try to move money and just sold shares at incredibly low prices. By now the portfolio has recovered from a loss of about 90% to almost back to break even. But the Ligand warrants are still under water.

I am still hoping that I can use the proceeds of selling some of my warrants to exercise the remaining ones. But at least the low price of Ligand allowed me to pick up some trading shares when the price unreasonably tanked to $7 a few earnings reports ago just because some shareholders seemed to be overly concerned with bigger than expected losses. I am still holding those trading shares and hope to get rid off an equivalent number of warrants when Ligands price is above $20.

Andreas
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