Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 190.43

-0.7%

Feb 6 9:30 AM EST

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To: Andrew H who wrote (7795)	9/26/1997 10:36:00 PM
From: Harrison Hickman	of 32384

Andrew: Thanks for the reference to someone with a "clearer understanding." I, too, understand the Lehman Bros. analysis to mean that the only accounting value is the financial asset involved in the deal. Funny how that works, isn't it: No accounting value to anything but the dough -- when we "know" the yeast is the ultimate source of the "value." It interesting to find LGND lower this Friday than last after so much activity this week. (But, hey, it's up almost 10% for the year and considerably more than that since the quick trip to single digits.) I tend to think Celeryroot is correct in suggesting that the shares filing precipitated some of the sell-off. Some of the share owners may have expected the option exercise and these "deals" to be done simultaneously or in reverse order. (I wonder where they would have gotten that idea?) Some may also remember the hopeful suggestion this summer that the company expected to be able to do the ALRI call with cash. (Not too late, of course, of the deal comes within the next 33 days.) Celery's analysis also explains why Robinson found it necessary to try some atypical jawboning on LGND's stock value; we know he'd never burn up the entire new stock allotment for the deal, right? Some may even have gone so far to put these things together (may even adding a pessimistic reading of "by the 4th quarter") and worry that the "deal(s)" that will provide most of the woppum (as opposed to stock) for the exercise might not come until after the ALRI exercise closes. Good thing we know much, much more than the silly "retail" sellers with such "weak hands." We who didn't sell DO know more than they do, don't we? <:-0> Harrison Hickman

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