Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 199.20

+0.1%

Nov 21 9:30 AM EST

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To: Wallace Rivers who wrote (24177)	8/8/1998 11:54:00 AM
From: Henry Niman	Read Replies (1) of 32384

Wallace, There is really no need for hypotheticals. Anyone with JAVA activated in their browser can go to quote.com and by putting LGND into the symbol box they can see the last 12 trades. They are even color coded to help you out. There were 7 trades in the final 22 seconds before the close. The one at 15:59:38 was at 9 15/16. the next 5 were at 10 (they are listed in green because at the time, 10 was the high for the day). The last trade was at 10 1/4 (also in green because it became the high for the day) which is LGND's close. After the close there are 5 trades in black (because they were after the close and don't affect LGND's closing price and don't show up on LGND's chart, but do affect its volume). All but one is at $10 (and they are all 2000 shares or less). The one larger trade is 7900 at 10 1/4. This trade was not "out of sequence" because it is label as frmT (as are the other after hour trades). Trades that are out of sequence are labeled as "late". Sometimes they look odd because they were executed at an earlier time at a price that was within the bid and ask at the time of execution, but out of place when reported. Since the last trade before 16:00 was at 10 1/4, the after hours trade would not have been at an odd price. However, I believe that it was higher, because the MMs ran out of sellers at prices below $10 (and I wouldn't be surprised if the 100 shares at 10 1/4 at the close was part of the 7900 shares filled at 10 1/4 after the close - charts of LGND's action would only show 100 shares, not 8000 and tables will show the last trade as being 100 shares at 10 1/4 when it was probably 8000 shares at 10 1/4- thus the MM is able to "hide" the 8000 shares sold at 10 1/4).

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