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

To: Henry Niman who wrote (29512)	11/30/1999 1:36:00 PM
From: Cheryl Galt	Respond to of 32384

> the Robertson Stephens conference may have stimulated ... < It sure looks that way! Almost a million shares at mid-day ... With the FDA meeting imminent, the timing is perfect. And H&Q in January may have an effect ...

To: Henry Niman who wrote (29512)	11/30/1999 2:47:00 PM
From: Torben Noerup Nielsen	Read Replies (1) \| Respond to of 32384

The two large blocks matched a large block of warrants at about the same.... This seems to lend support to the theory that someone is shorting the stock and buying the warrants. Big time too. It's either that or a simple arbitrage play. If you watch closely, you can find quite a few times with a nice spread between the warrants and the common. Moreover, this spread tends to oscillate so it is possible to play games. Unfortunately, I'm getting to consider the shorting theory more plausible. Is there any way of telling what has been happening to the total short interest during the last week or so? There are enough shares involved that it should be easy to tell. Thanks, Torben