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Biotech / Medical : Ligand Pharmaceuticals (LGND)
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To: jay silberman who wrote (10)7/1/1996 11:06:00 AM
From: Henry Niman   of 16
 
LGND's move may have been window dressing or just paralleling
moves by the NASDAQ and Biotechs. Biotechs rose 3.1% on Friday
which is a major move (the recent decline had cut their year to
date gain to a mere 2%). The buying came late and was retail
and institutional. After the close the Barron's article on fat came
out. The article mentioned the short position on LGND (which is
big, but its an arbitrage position with ALRIZ) and the MMs dropped
the price this morning on low retail volume (in the first hour less
than 25,000 shares traded on 35 ticks and the biggest trade was 2000
shares). I suspect big boys are waiting to hop on board at a lower
price. LGND presents next week at the International AIDS conference
and I expect good news (they were not originally scheduled to
present).

Henry
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