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

To: Andrew H who wrote (9912)	10/21/1997 3:26:00 PM
From: Henry Niman	Respond to of 32384

Andy, It wasn't a BUY rec for LGND, but CNBC just mentioned a BUY rec for LLY from Smith Barney. They did show the Prozac part of of yesterday's Randall Tobias interviewed and mentioned a need to fill the income drop when Prozac goes off patent (with quarterly sales of $700 million). The LLY upgrade was followed by an AMGN story or their weak pipeline. Said Leptin has a potential blockbuster,but theclinical data (Phase I) was "disappointing". Looks like pipelines (or lack thereof are at the top of Pharma and Biotech stories on CNBC). Speaking of BUY recs, Lehman Brothers did reiterate their BUY on LGND and raised their target price from $20 to $24. The also taked about milestone payments (several next year for various rexinoids) and LGND's licensing of the LLY compound (which is expected to be approved next year).