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

To: Torben Noerup Nielsen who wrote (29497)	11/28/1999 12:41:00 AM
From: RWReeves	Respond to of 32384

I don't know why anyone would exercise early. Its not a rich deal at all. The whole value of the warrant is a long term call (not so long anymore)on the stock. Its a lot cheaper than a comparable in the money chain of options to June. The sell off in the warrants after the offer surprised me- seemed like people were interpreting this as a call on them. LGND should have made it a bit sweeter if they wanted the bucks from a conversion. RWR