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Biotech / Medical : Ligand (LGND) Breakout!
LGND 185.86-0.1%3:59 PM EST
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To: bob zagorin who wrote (7638)9/25/1997 2:27:00 PM
From: Peter Singleton   of 32384
 
Bob, I think Betty's exchange with Henry was courteous and informative.

I think when is the best risk-adjusted time to buy a biotech is a reasonable thing to discuss. From a purely fundamental point of view, I think the major inflection points in underlying value are when the drug appears to clearly work (good PII data or PIII) and when the initial sales data rolls in. For example, I'm adding to my position in AGPH because Viracept is clearly a blockbuster drug ... I'm buying in the low 50s even though I first bought at 6.75 pre-split.

I'm also adding substantially to my position in LGND ... I've bought today near the high and near the low - I not trying to tweak or tune my purchases ... based on all of the obvious short, intermediate and long-term news that puzzles out of the ALRT announcement and Robinson's comments. BTW, thanks Henry. Your information and analysis are extraordinary.

My goal is to identify a few companies that become very big ones ... and hold them for a long time. I'm willing to put a large % of my portfolio behind any given company (this is risky, and I've taken some very big losses), and increase my investment (and portfolio weighting) if the fundamentals seem to improve.

Just my two cents. Obviously there are other inflection points for an individual stock ... corporate partnerships and FDA decisions are big ones.

Peter
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