Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 206.36

+1.4%

Nov 26 3:59 PM EST

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To: Andrew H who wrote (12294)	12/8/1997 7:05:00 PM
From: Henry Niman	Read Replies (1) of 32384

Andy, I think that the number of real shorts is extremely small. If the number Celeryroot posted is a result of the Farallon arbitrage position, then 3.3 of the 3.6 million short shares of LGND are tied into the Farallon arbitrage position. It wasn't that hard to set it up and two years ago it was almost a slam bunk (when LGND was selling for $12, ALRIZ was $18), so some of the remaining 300,000 may also be part of an arbitrage position by someone else. I don't expect many squeezes. The lion's share of the short position is already covered by LGNDW. One of the short positions posted on this board went from 35,000 to 45,000, to over 92,000 in a few minutes. I suspect that it went to 0 a few minutes later.

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