<< I read as 2-2.5 million shares. Enough to make a dent in the daily sales for a long time. >>
Every time there is good news, LGND has spiked up, only to go back down. Each rally must have been stifled by the Allergan selling.
If you look at the 100 day chart, the volume really slowed, after LGND had dropped from $16 to $13. Since the beginning of June, the price has stayed in a tight range on lower volume.
My guess, is that Allergan stopped dumping shares at the beginning of June, and is waiting for the price to go back up, before dumping any more shares.
Sounds like, for the next two quarters, there might be a way to establish a trading portion of LGND, to take advantage of the Allergan action. It would seem that any upward movement, in the next 6 months, would be hit again with Allergan selling.
So, one could buy at $11-12 and sell at $13-14.
Bob
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