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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: bob zagorin who wrote (29185)	8/17/1999 4:43:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

I don't have the full H&Q downgrade, but do have the new numbers, which are based on fully diluted shares. For 1999-2001, the expected earnings are -$0.88, -$0.31, +$0.17, which are similar to Bear Stearns, especially for 2000 and 2001.

To: bob zagorin who wrote (29185)	8/17/1999 5:32:00 PM
From: Torben Noerup Nielsen	Respond to of 32384

Bob, That's more or less what I figured. Elan has already stated - through their actions which I prefer to mere verbiage - that they believe Ligand is worth at least $14/share. And they must have done their due dilligence which must have included a close look at the books. I've seen so many ups and downs with this stock that I refuse to become too upset by this type of swing. The delay in ''the march to profitability" shouldn't come as a great surprise. I'm really much more interested in Targretin results at this point and now that we know the FDA will review it in the next 6 months, life could be interesting indeed. Correct me if I'm wrong, but it is my understanding that if Targretin is approved for any indication and Phase II results show it to be efficacious against any other indication, then Ligand is allowed to market the drug for use in both indications. Correct? I'm of course hoping that Ligand's real strategy is to get to market Targretin for use against breast cancer which would be a major coup. Thanks, Torben