Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 197.01

-2.9%

Dec 1 3:59 PM EST

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To: Steve Landrum who wrote (28619)	3/30/1999 9:21:00 PM
From: Henry Niman	Read Replies (2) of 32384

I think that both the good and bad news were expected. When LGND indicated that they would not be getting the $10 million milestone payment for Targretin (as well as milestone payments for LGD1268 or LGD1324), it was fairly clear that the "backloaded" income would not help the 4Q, and earnings would not meet expectations. It was also rather obvious to many, that LGND was in the process of signing a distribution agreement that would include the 5 drugs that were either approved or slated for FDA filings this year and next. Both events could already be in LGND's price, although I suspect that there will be weakness tomorrow at the open. Actually, tomorrow's price may represent a unique buying opportunity, as LGND transitions from an R&D company to a company with earnings from actual products and I assume that there are some buyers who were waiting for the earnings release. The "good" press release doesn't have many figures, so it's hard to argue that it outweighs the milestoneless earnings from last year. However, when the "good" press release arrived, I strongly suspect that the "bad" press release would soon follow, and it arrived several minutes later.

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