Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 200.58

-0.4%

9:56 AM EST

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To: Machaon who wrote (27204)	1/5/1999 1:29:00 PM
From: Biomaven	Read Replies (1) of 32384

Bob, You have to distinguish between the balance sheet impact of transactions and the earnings effect. Transactions in a company's own stock effect the balance sheet, but not the P&L statement. (There are some exceptions like certain convertible preferred with a variable conversion price which can produce an earnings charge, or if a company uses its stock or options to pay consultants or the utility bill). The recent transaction will not have any impact on this quarter's earnings. It will, however, increase the cash balance and the shares outstanding, while reducing the warrants outstanding. It also tidies up the balance sheet a little. These warrants would have eventually been converted anyhow - LGND just paid a moderate premium to get the cash now. Peter

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