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

To: Alper H.YUKSEL who wrote (12252)	12/8/1997 1:58:00 PM
From: Henry Niman	Respond to of 32384

Alper, I haven't looked at the tape that closely, but in the "big boy" catergory, Friday after the close the was 10K at 13 3/4 and 10K at 13 7/8. Then this morning before the open there was a 15K trade at 13 13/16. Then when the ask moved to 14 1/8 there was a 10K at 14 1/8. I think that the big boys are trying top buy, but there is very little selling. When the bid dropped back below $14 to 13 15/16 there were 4 sells at that level TOTALLING 500 shares (the big seller was a whopping 200 shares!). Farallon is finished selling as far as I can tell (at least of LGND). My guess is they now own just over 3 million LGNDW and still owe their third party 1.5 million shares of LGND. With them out of the picture, the big boys will have to pay more to get on board.

To: Alper H.YUKSEL who wrote (12252)	12/8/1997 2:57:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Alper, Another 20K just went off at 14 1/16.

To: Alper H.YUKSEL who wrote (12252)	12/8/1997 3:13:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Alper, LGND's volume is just over 200K on about 100 trades. When retail is heavily involved, the average trade is less than 1K. When the big boys are active the average trade is about 2K. Big boys are clearly active. Some are swaps which clear out the weak hands. For the past two years, heavy volume with little price movement has been a precursor for a sharp move up. This year, the volume is moving up slowly as is LGND's price. You can now see the two 20K trades at: quote.com One was at 14, the other at 14 1/16 and they were executed 1 second apart (when I reported the 20K trade, I could only see the "last" trade, which at that time was 20K at 14 1/16).