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Biotech / Medical : Ligand (LGND) Breakout!
LGND 185.97-0.4%Feb 10 3:59 PM EST
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To: HB who wrote (428)1/7/1997 2:09:00 PM
From: Henry Niman   of 32384
 
Howard, It's still cheaper to buy ALRIZ. It is thinly traded and has
a big spread, but the long term investor will do well. Much of the
stock (almost half, 1.5 million) is an arbitrage position, and Harvard
College has another 1/2 million, so there really isn't much of an active
float (there are only 3.25 million total). Big institutions have
trouble with ALRIZ liquidity, but it geneerally follows LGND's lead
(because it has 2 five year warrants to buy LGND at approximately 7 1/8).
ALRIZ would not be a good deal if LGND and/or AGN fail to call the ALRI,
but I think that that is EXTREMELY unlikely (either retinoids would
not work or markets would be covered with Targretin and Panretin).

Henry
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