Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 198.02

-1.4%

Jan 26 3:59 PM EST

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To: james who wrote (10142)	10/25/1997 10:16:00 PM
From: CYBERKEN	Read Replies (1) of 32384

As I recall, biotech went into a slide from around September, 1996 until November 7, then began a nice run. Hard to isolate a cause, but institutional selling for tax considerations seems logical (your government at work again). IMO Ligand recently had a lot of very-short-term $$ in for the last 6-7 weeks in anticipation of a pop on the deal. They started getting out on the day of the announcement (price actually dropped until late in that session) and are still saddling up. Some are institutional investors (Henry's Big Boys) and run like an elephant through a village. I think we've seen most of this phenomenon-but it should still pop up from time to time over the next 2 weeks. If the market remains bad, you could actually see LGND prices lower than now-but IMO the latest would be in about 2 weeks. Bottom line: I'm holding every warrant I'm overweight in, with very little margin danger, and GLAD AS HELL I don't have to try to time a bottom over the next 2 weeks. Andy: better keep Henry's "20 by 12-31" bottle handy-you're gonna need it! BTW I don't doubt it takes a Big Pharma 6-10 years to get a diabetes drug through Phase III. It takes those folks 6-10 hours to find the restroom.(:>) Seriously, they ought to get out of R & D and just buy it from the development firms. You do what you're good at in any business, and Big Pharma's future is in production, marketing, and making investors in companies like Ligand very rich.

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