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Biotech / Medical : Biotech Boom?

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To: Rosemary who wrote (84)	12/10/1996 7:48:00 PM
From: Henry Niman	of 368

Rosemary, I think LGND's move is good news coupled with technical factors. The deal between BGEN and CBMI did move both stocks and should have helped the sector, but there was a fair amount of profit taking today, so the entire sector certainly didn't move broadly higher. LGND closed at its high for the day (13 5/8) on just under 700,000 shares. The volume and 1 1/4 gain will qualify for IBD's Greatest % Rise in Volume table (and I suspect several additional Biotechs will be included). The gap higher, coupled with the steady price rise on heavy volume is a definite breakout signal as is the close above 50 day and 200 day moving averages. I still haven't seen a Dow Jones story on yesterday's release, but technicians should continue pushing the price. LGND also has SEVERAL additional press releases for this month and the first 1/2 of 1997 should have almost weekly stories on clinicals and alliances. LGND's H&Q presentation on Jan 7 should be very interesting.

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