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

To: Andrew H who wrote (12276)	12/8/1997 4:31:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Andy, You're missing all the "action". Check out the "after hours" trading at: quote.com I really don't understand it. LGND has traded as high as 14 1/8 and volume is now over 270,000. The volume is highest its been since October, which I consider a very good sign. What I'm surprised about is not the amount of trading, but the prices. I have been under the impression that this action at the end of the day had to be within the close bid/ask which was 13 15/16 X 14. The first 4 trades totalled 4800 shares and all were at 14 1/16 which was above the closing ask. Later a big boy (20K) bought? at $14. I've never seen these after hours trading outside of the closing bid/ask price. These trades increase the volume, but don't after the closing price. It looks like the MMs wanted LGND to close below $14, but then were willing to deal above that price after the close.