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Biotech / Medical : IGEN International

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Jan 16 9:30 AM EST

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To: John Zwiener who wrote (265)	3/4/1998 6:38:00 PM
From: James Perry	Read Replies (3) of 1025

John, did you notice that same little spike again today? If you look at the one day chart at Yahoo, you will see that early this morning there was purchasing which took the price up to 22.75. It then backed off and the price slumped until 3:30, when the price was pushed right back up again. Now, this was not a last minute trade to give the tape an appearance which is unsupported by the rest of the day's trades. On the contrary, there is considerable volume which piles in. My guess is that a substantial buyer is trying to disturb the price as little as possible, sucking up any sell orders placed with the MM in the morning and then letting more orders pile up which they are taking out just before close. It is the difference between letting the price drift up and pushing it. I suspect buying by one or more funds.

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