Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 203.41

-1.4%

12:59 PM EST

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To: Alper H.YUKSEL who wrote (11750)	11/26/1997 3:49:00 PM
From: Andreas Helke	Read Replies (1) of 32384

I think a large bid ask spread is pretty normal for volatile small cap stocks. If the market participants accept the bid and ask price the market makers will profit by buying the shares at the bid price and reselling them at the ask price. Today I took advantage of the spread to buy cheap LGND and LGNDW stock. With LGNDW bid $8 ask $8 1/2 I put in a buy order at $8 1/8. The order ended up on the Island system and was the best bid for a few hours until someone finally decided to sell some warrants at $8 1/8. In this case the market makers are bypassed and do not earn money on the bid/ask spread. Immediately after my order got filled my offer was no longer available as best bid and the bid dropped back to $8. I had to wait less then 3 minutes to get a LGND buy order at $13 5/8 filled. During this time the spread did narrow from $13 9/16 - $13 3/4 to $13 5/8 - $13 3/4. Andreas

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