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

To: celeryroot.com who wrote (12852)	12/26/1997 11:07:00 AM
From: Arthur Radley	Respond to of 32384

Granted Celeryroot! I'm missing a few marbles but most of all I'm missing about $6.625 points from LGND's yearly high of $18.00+ (:>)

To: celeryroot.com who wrote (12852)	12/27/1997 1:42:00 PM
From: tonyt	Respond to of 32384

Another bad day for the Nikkei: December 26, 1997 News of Another Bankruptcy Prompts Nikkei's 3.3% Decline AP-Dow Jones News Service TOKYO -- The market fell 3.3% in thin preholiday dealings Friday on persistent fears about bankruptcies and news that another brokerage house may have been involved in irregular stock trading. The Nikkei average of 225 selected issues fell 497.50, or 3.3%, to 14802.60. Japan's financial system has been rocked in recent months by a string of financial institution failures, including Japan's then fourth-largest brokerage, Yamaichi Securities Co., which went bankrupt last month. Recently, traders have become more cautious as the end of week neared because several of the failures, including Yamaichi's, were announced on weekends. "The market is worried about further bankruptcies in the next few weeks," said Dhia Amir, senior institutional sales trader at Nomura Securities. Nitto Life, an affiliate of Nitto Kogyo, a major golf-course management company whose shares are unlisted, became the latest listed company to seek bankruptcy protection after Nitto Kogyo filed for protection Thursday. The Tokyo-based company has said its parent company liabilities alone totaled $2.13 billion as of Sept. 30. Meanwhile, the Finance Ministry said Friday it has discovered in its survey of brokerage houses that another company has been involved in irregular stock trading, known as tobashi. The ministry didn't disclose the name of the institution, saying it's unlikely that the company violated the securities exchange law. Tobashi was a big factor in bringing down Yamaichi Securities, which collapsed in November. In tobashi, a broker arranges a series of sale and repurchases of securities at artificial prices among clients with different fiscal periods to let clients avoid reporting losses on their securities holdings.

To: celeryroot.com who wrote (12852)	12/27/1997 11:13:00 PM
From: JOEBT1	Read Replies (2) \| Respond to of 32384

Here's some food for thought on determining a fair value for LGND. I've gathered some data on market capitalization ( number of shares times market price) on other promising biotechs and compared it to LGND. LGND market cap based on 38 million shares outstanding and current price of $12 is 456M. If you count warrants the number of shares is 44.5M giving a market cap of 534M. The market cap for Vertex (VRTX) is 840M based on 25.1M shares. The market cap for Millenium (MLNM) is 526M based on 28.9M shares.The market cap for Sepracor is 1017M based on 27.7M shares. The market cap for Centocor (CNTO) which has 200M sales and is profitable is 2265M based on 71.9M shares. IMHO LGND has comparable prospects to SEPR; greater prospects than VRTX; is ahead of MLNM in product delivery and therefore is comparatively undervalued to these companies. CNTO is 2 to 3 years ahead of LGND in markertable products and gives insight in how LGND may be valued 3 years from, ie, 2265M market cap for LGND would translate to a price of $51. Would be interested in your thoughts and others on the above.