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

To: Andrew H who wrote (10541)	10/31/1997 10:45:00 PM
From: Henry Niman	Read Replies (5) \| Respond to of 32384

Andy, LGND is below 15 because its Halloween! Actually its related to mutual fund tax considerations. If you recall, just after 3:00 you noted that the bid had fallen to 15 1/8 (from 15 1/2 a few minutes earlier): techstocks.com The big drop was due to a 51.5K sell order which shortly thereafter showed up as an ask size of 51.5K at 15 1/8. The bid and ask quickly fell below that level. It really wasn't due to selling, because the low for the day was 14 7/8 and that remained as the low evem though the bid dropped to 14 3/4. The 51.5K didn't get executed and 4:00 was quickly approaching. After a fair amount of buying at these bargain prices, the MMs dropped the bid to 14 5/8 and the 47.5K sell at that price was the last trade of the day (just after 4:00). Thus the one trade dropped the bid from 15 1/2 to 14 5/8. The trade is gone as is October mutual fund tax selling and window dressing. Look for LGND to rebound sharply on Monday.