Mark, Now I know someone who bought at LGND's all time high as well as some who bought at LGND's all time low. Although Andy is confident that he will have two bottles of wine by the end of the year, I'm not so sure. Last year LGND ran from 11 1/4 to 17 on virtually all retail trades, with some, but not a lot of news. This year its about 3 points higher and in much better shape in virtially all categories. Moreover, I expect news to come out hot and heavy. As soon as Andy begins to complain about LGND's price performance, it almost always takes off. I expect that to happen again, very soon.
LGND has suffered from a recent decline in the overall market and most Biotechs followed a similar path. LGND is of course very cheap now, and its price will attract buyers as soon as they are sure that the overall market isn't crashing, and Biotechs are rallying.
LGND has quite a bit of good news to come out between now and the end of the year and I think that most of the weak hands are gone, including the buy on the rumor, sell on the news crowd.
I think that a comparision of LGND today with LGND a year ago would be a useful exercise for those who are watching the tape too closely.
LGND has made tremendous progress and is about to enter theat "Golden Age" of Biotechs, with the best pipeline in the sector. I expect a media blitz, with press releases, general science, and new recs. The price should now be low enough for some of the analysts to begin talking their talk. |
