Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 189.68

-0.2%

11:05 AM EST

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To: Wallace Rivers who wrote (24404)	8/12/1998 11:03:00 AM
From: Henry Niman	Read Replies (2) of 32384

Wallace, I try to stick to the data, and give my view of it. You of course can post yours. I'm looking for some institutions to clear out the overhang that I believe exists and is primarily related to AGN and possibly Farallon. I saw the 10 1/4 at the close on Friday as a signal that at least as of Friday and probably Monday, AGN (or whoever was trading 40K to 60K blocks below the ask price) was through trading below $10. Monday's action confirmed that interpretation (there was only one trade in that range on Monday, 41K at 10 1/32). Yesterday, LGND dropped before the open and the volume was light, especially in the morning. I saw no block trades in the 40-60K range. I interpreted that as big boy watching from the sidelines. For the trade at the end of the day at 9 1/8, I interpreted that as someone meeting a margin call and had little to do with the big boys sitting on the sidelines. This morning the price has popped back on more retail trades. My guess is the volume and big block trading will resume when the price gets above 10 and the market stabilizes.

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