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Biotech / Medical : Ligand (LGND) Breakout!
LGND 203.18-1.4%Nov 28 9:30 AM EST

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To: dwc who wrote (27657)1/28/1999 10:19:00 AM
From: Henry Niman  Read Replies (1) of 32384
 
As far as I know, there is no real pattern at this stage. The meeting of the advisory committees is scheduled in advance, but they have already met and voted for approval. Now its up to the FDA to determine that LGND has satisfactorally addressed outstanding issues (like labeling and final QC) and then they send a letter of approval. As you know, LGND was hoping for the end of last year, and some drugs were approved then, but not LGND's. Most seem to now expect approval this week or next.

The retail buyers have been out in force this morning. A few blocks at the bid, but the vast majority of the smaller trades at the ask, moving the high so far to 13 5/16 on over 200K in the first 40 min.
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