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Biotech / Medical : Ligand Pharmaceuticals (LGND)

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To: Chucky who wrote ()	5/9/1996 7:41:00 AM
From: Henry Niman	of 16

I follow LGND very closely. They began their move up when the entire sector started to move last December on CNTO's Reopro data. LGND set all time highs around 11 and volume exploded as VC's distributed shares (over 5 million closely held shares were sold). Buyers pushed the price to new highs throughout the month of January (they were spurred on by a series of widely publicized recommendations by Jim McCamant and Bear Stearns (Dick Davis Digest, Knight/Ridder, NY Times, IBD, Nightly Business Report, CNBC Squawk Box, etc). The also presented at the H&Q Biotech conference in January and Merrill Lynch in February. Recent all time highs were due to a Bear Stearns upgrade and promising clinicals on advanced lung cancer patients. LGND will present next week at the ASCO (American Society for Clinical Oncology). The price has also been bolstered by a settlement with PFE over Droloxifene rights (LGND won) and the distribution of their Annual Report (last week). A years' worth of press release can be found under Ligand company news at prnewswire.com and the Annual Report and analysts reports (Bear Stearns and Merrill Lynch are the most detailed) can be obtained from investors@ligand.com or calling 619.535.3900 or FAXing 619.535.3906 (free Annual Reports can also be obtained from WSJ or Barron's). Henry N Fox Chapel

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