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Biotech / Medical : Ligand - LGND - thread for non-PhDs
LGND 206.54+3.2%Jan 9 9:30 AM EST
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To: Larry Liebman who wrote (11)1/20/1997 3:10:00 PM
From: Henry Niman   of 57
 
Larry, I have always recommended LGND as a long term investment
and have indicated that short term is much more difficult. The
short term is based on last year's action and there are still close
parallels. I haven't given up on an all time high this month, but
there hasn't been much movement in the last week, although the leptin
announcement still hasn't been made. I expect a good deal of postive
news to come out throughout the year and the price pressure to remain
high. Sometimes quick moves up are facilitated by clearing out of weak
hands. MMs are clearly ready to rock 'n roll, but movement up requires
buyers. Technically, LGND is positioned for another move up, but today
several Biotechs were downgraded (BGEN, BCHXF, and AGPH), and although
the downgrades have no direct association with LGND or its products,
they do tend to keep a lid on the sector.
In general, LGND is an excellent long term play. Short term price
boosts are likely, but timing them is extremely difficult. Its even harder
now because of other factors such as options and baskets of stocks
that can move the price for a variety of reasons that have little to
do with fundamentals or developments.

Henry
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