Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 206.84

+3.8%

Nov 24 3:59 PM EST

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To: WTDEC who wrote (14235)	2/4/1998 5:27:00 PM
From: Flagrante Delictu	of 32384

WTDEC, We are not in disagreement with regard to your analysis. In fact, you will notice that I mentioned that I preferred to buy the warrant at a somewhat lower premium to the stock than it is currently selling. Furthermore, it appears to me that you have not considered that some traders either do not have available to put up, or prefer not to put up, the additional $500 plus dollars to own the stock rather than the warrants. Nor do you seem to make much of the fact that if the stock were to decline severely, cf. FUGAZI & tonyt, the dollar loss should be significantly greater than that of the warrant. It is apparently this attribute in an uncertain biotech market that results in the higher premium than we would prefer. If, on the other hand, the stock erupts positively, the percentage gains on the warrant per dollar invested should be much higher than that realized on the stock. This morning the warrant was available at $5.50 with the stock trading at $11.25. That seems like a very reasonable relationship. Bernie.

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