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

To: Andreas Helke who wrote (11232)	11/16/1997 2:01:00 PM
From: tonyt	Read Replies (1) \| Respond to of 32384

> When the deal was finally announced there was no big event in the near future to > look forward to and therefore no immediate need to buy Ligand at the already very > elevated levels. Good point. Did you sell any after the spike to 18? Looks like LGND won't see that price again this year. What I find disturbing is that LGND was dragged down with the recent market decline, however, not only didn't participate in last weeks rally, it actually declined!

To: Andreas Helke who wrote (11232)	11/16/1997 2:12:00 PM
From: tonyt	Read Replies (1) \| Respond to of 32384

> I had already figured out that it is not a good idea to buy Ligand during a rally > because this stock provides more than enough opportunities to buy on dips. The general trend is for biotechs to rally in the fall, and drop in the spring, however we may have already seen the highs for biotechs this year. It may be hard to believe, but I don't see fridays intraday low of $13 3/8s for LGND as the floor. Unless we get a rally in the biotechs soon, LGND will break $12 (and if the market gets hit hard due to the middle east, it might even see 10). > But I bought nonetheless in anticipation of the diabetes deal. What's your take on the fact that J&J wasn't the rumored partner? Do you feel that it might have been the cause of the negative reaction after the deal was announced, or was it just the typical 'sell on the news' (although the selling has continued well after the news was released). Although there are some folks who refuse to admit it, even the 'Big Boys' are selling now. --Tony