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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: Torben Noerup Nielsen who wrote (14242)2/5/1998 11:14:00 AM
From: HB  Read Replies (1) of 32384
 
Torben... when you start drooling is usually a good time to stay
off margin -g-.

Re the premium for the warrants, Bernie's response to WTDEC is
right on the money, I think. If you buy Ligand instead of
100 LGNDW, borrowing the difference, you still have to pay back
the difference if Ligand goes to zero, on top of losing the $600
(for you, $550) you could have put into the warrants. If you bought the warrants,
you lose "only" the $600. It's an insurance premium. Whether
it's reasonable according to Black-Scholes, I don't know.

Howard
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