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: Machaon who wrote (24186)	8/8/1998 5:13:00 PM
From: Henry Niman	Read Replies (1) of 32384

Bob, Next week's action should be interesting. As I said after AGN announced that they would be selling for the next several quarters, it's impact on price really is hard to predict. LGND, along with just about the entire Biotech sector, was hammered last week and LGND's price fell below $10. This allowed some heavy hitters to step up to the plate. Friday's action was most obvious, as buys between 9 15/16 and $10 went to work on the overhang. I suspect that AGN threw in the towel and sold a couple of the larger blocks (50K and 60K) that went off at 9 7/8, and the overhang reduction forced the 7900 buy at 10 1/4 after the close (which I suspect was really an 8000 share buy, which the MMs were hiding). We'll see if our heavy hitter(s) will pay more than $10, or if AGN will sell more below $10. In any event, the heavy volume on Friday was a very good sign, and I suspect that the big boy buying may be signaling more heavy trading next week. I actually would be happier with volume above 500K, but 300K would still be a significant increase over the 100K per day before last week's downturn.

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