Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 199.20

+0.1%

3:59 PM EST

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To: aknahow who wrote (27165)	1/5/1999 11:12:00 AM
From: Henry Niman	Read Replies (1) of 32384

george, Finance is clearly out of my area, but I thought that the LGNDW story was fairly straightforward. LGNDW sells for more than LGND minus 7 1/8 because of the time premium. Those who exercised early, gave up that time premium, so the were given an incentive to exercise at 5 1/2 instead of 7 1/8. The 1 5/8 reduction in exercise price is very close to the time premium that investors who buy LGNDW have been paying recently. As I recall, that premium has actually been over $2 in the past.

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