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Biotech / Medical : Ligand (LGND) Breakout!
LGND 189.55+3.5%Dec 12 9:30 AM EST
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To: bob zagorin who wrote (24759)8/19/1998 6:29:00 AM
From: Henry Niman  Read Replies (1) of 32384
 
bob, Here are the comments on products and upcoming events:

Panretin Topical On Track
Based on the product's November user-fee deadline, we anticipate
that Panretin Topical will be reviewed at an Autumn FDA Oncology
Drugs Advisory Committee meeting. Given the good results from
two separate Phase III trials and the lack of an adequate
treatment alternative for KS patients, we believe the product
should receive a favorable review. We foresee Ligand being able
to launch Panretin Topical early in 1999 using the same niche
oncology salesforce that would be used to market ONTAK.

Outlook and Recommendation
The price for Ligand's shares has dropped off considerably over
the past several weeks. While we have lamented for some time
about negative investor sentiment towards biotech stocks in
general, the precipitous drop in Ligand's price suggests there
has been a negative fundamental change in the company story, for
which we can find no evidence. Regulatory and clinical
activities for Ligand's products continue on schedule, and we
continue to believe that the company could reach profitability in
1999 on the heels of two oncology product launches. Based on
this positive fundamental outlook, we continue to rate Ligand's
shares at Buy and would recommend investors seriously examine the
upside opportunity in the stock at current levels.

Potential Second Half Highlights:

1. Potential Panretin Topical approval - November
2. Potential ONTAK approval - December
3. Eli Lilly development decision on Targretin Oral and other
RXR compounds - December
4. Potential out-licensing of non-US, non-European product
rights
5. Other potential collaborative arrangements

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