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Biotech / Medical : biotech firesales

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From: Ian@SI	11/9/2004 7:37:05 PM
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Maybe LGND tomorrow... Is this approaching a trading buy? Ligand Pharmaceuticals (LGND) 8.33 -1.18 (-12.4%) Small-cap drug company that focuses on a variety of diseases reports a Q3 (Sept) loss of $0.09, which was worse than the Reuters Estimates consensus of breakeven; Revenues also missed the mark at $49.5 mln versus the consensus of $58.8 mln; Management's guidance also struck the market wrong - sees Q4 (Dec) EPS of $0.03-0.09 (consensus of $0.21); This comes despite an increase in gross margin on overall product sales to 76-77%

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