Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 198.69

+2.0%

3:59 PM EST

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To: celeryroot.com who wrote (13390)	1/15/1998 5:16:00 PM
From: Henry Niman	Read Replies (1) of 32384

Today, LGND set a record volume of over 1.5 million shares. I suspect that almost half of that was Farallon. Their position is in LGNDW, so its hard to day if it will all go though as LGND sales, but I suspect that most of it will. I think that they began with about 3.5 million LGNDW and 1.75 million ALRI. Ligand gave them 1.75 million LGND for the ALRI, and that was immediately used to cover 1/2 of their short position.. Thus, last month they had 1.75 million shorts to cover and 3.5 million LGNDW. They could exercise the 1.75 million LGNDW with the cash they received for ALRI, so that would cover the remainder of the short position, leaving them with 1.75 million LGNDW. Since LGNDW is thinly traded, I expect most of that to come to market as LGND sales. Farallon has been working on reducing their holdings for over a month, but today things really took off, so they may have cut their remaining holdings in half today. I suspect that one or two more days like today would definitely eliminate the overhang, allowinging the price to take off when more institutions hop on board. Any comments on the above analysis?

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