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

To: CYBERKEN who wrote (11915)	12/1/1997 5:16:00 AM
From: Cheryl Galt	Read Replies (1) \| Respond to of 32384

RE: Trends ---and Tit-for-Tat <<I just got lost in Cheryl's forest again, so I'd appreciate elaboration:: Ligand trades slightly heavy in the short session, and finishes up a tick. Where's the bearish signal? >> Ken, I've seen enough of your savvy posts to know that (without elaboration) you are able to distinguish between a tick and a trend. So why play dumb? To bait Tony? encourage another round of boring insult-posts? I wonder how many posters, lurkers, and former posters are sick to death of this predictable, juvenile, tit-for-tat trivia. Can't we all just agree to call it quits, agree to disagree, agree to have differing perspectives, avoid attributing motivation, avoid commenting on who is welcome-or-not on the Ligand playground ---and let the dialogue move to an adult level?? Ken, I'm sorry you had to be the one to be around when this last straw became my personal one-too-many and I blew my stack. Nothing personal is intended. I hope your luck is balanced by winning a lottery or some such. Cheryl

To: CYBERKEN who wrote (11915)	12/1/1997 7:52:00 AM
From: Henry Niman	Read Replies (2) \| Respond to of 32384

CYBERKEN, I agree that the heavy volume is not a bearish signal. For the past two years, LGND's volume has increased dramatically in late Nov and early Dec before the price rose dramatically (last year it was from 11 1/4 to 17). The heavy volume did not move the price because there was swapping by the big boys (large block sells offset by large block buys). The recent downtrend has been characterized by light volume and retail selling. Recently there have been swaps (similar size large blocks trading within a minute of each other seperated by a small spread). These swaps clear out overhangs which pave the way for a move up. Two years ago it was VCs distributing. Last year it was new stock from the secondary. This year there will be some from the ALRI call. When the weak hands have been removed, the stock can move up sharply on relatively light volume. Fundamentally, LGND is in its best shape ever. Its lead products (Targretin and Panretin) have generated stellar clinicals and LGND has just signed their biggest deal ever. They are on track towards 1999 profitability (a year ahead of schedule) and the product development timetable is dovetailing nicely with FDA reform on fast track review and off label promotion. LGND is well positioned on the scientific front. Their IR and STAT technologies are at the heart of pharma (non-polypeptide hormone) and Biotech (polypeptide hormone) drug development and long term invetsors will be all smiles. LGND's current price is an extremely attractive "buying opportunity" which could be a last chance, as LGND prepares for release of Phase III topical Panretin data and NDA filing. Tomorrow, LGND presents at Robertson Stephens, who have projected an EPS of $14.55 in 2006.