Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 206.84

+2.8%

3:59 PM EST

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To: aknahow who wrote (27182)	1/5/1999 10:50:00 AM
From: LLCF	Read Replies (1) of 32384

<Obviously you don't exercise unless it is profitable.> The point is that it is NEVER profitable to exercise without a "special break"! No one with 1/2 a brain is going to exercise those early! In fact I have the 7.12 put worth .75 cents of the 1.61 which leaves .86 in interest payment to the institutions for 1.5 years or .57 on an annual basis making the implied rate VERY REASONABLE to the company IMO. <If this was a good deal for LGND, and not that costly, they should offer it to everyone.> I agree <The warrants with an exercise price of $7 1/2 are worth $5 5/8 in the market. It is not as though LGND bought the warrants from the holders at market price.> The exercise price is 7.12... and I disagree.. it looks like the company paid just about fair value reflected in the market place. DAK

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