Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 197.01

-2.9%

3:59 PM EST

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To: Henry Niman who wrote (16197)	3/4/1998 7:32:00 AM
From: Henry Niman	Read Replies (1) of 32384

J.P. Morgan seeks the big boys cooling down: Dow Jones Newswires -- March 4, 1998 JP Morgan/Glaxo -2: Sees 'Merger Heat' Easing LONDON (Dow Jones)--J.P. Morgan Securities Ltd. cut its rating Wednesday on Glaxo Wellcome PLC (GLX) to 'market performer' from 'buy.' Analyst Mark Becker also dropped his 1998 earnings per share forecast for Glaxo to 53.7 pence from 56.2 pence and his 1999 forecast to 61.9 pence from 62.6 pence. 'We highlight the lower than expected results in anti-virals (both Valtrex and AZT) in 1997 and project a similar level of performance over the next two years,' he said. The analyst also predicted that 'merger heat' in the industry will eventually die down, resulting in a setback to PE levels of up to 10%. 'The pharmaceutical sector's PEs are trading at historically high levels not seen in the last 25 years,' he said. 'We believe that over the next six months, most pharmaceutical stocks will trade sideways,' he added.

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