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

To: John O'Neill who wrote (13188)	1/10/1998 1:06:00 PM
From: tonyt	Respond to of 32384

Some see the glass as half empty, others as half full -- what can I say? When a stock (any stock) has heavy volume "(mostly on big blocks)" I would expect the stock to rise more dramatically than a 16th (and end the day up, not down 1/4). Sorry, but I see fridays volume as selling, not buying and I wouldn't be suprised to see the $12 support level broken next week (general market conditions will probably continue to be volitile with the continuing Asia crisis and options expiration on friday) --Tony

To: John O'Neill who wrote (13188)	1/10/1998 3:59:00 PM
From: Henry Niman	Respond to of 32384

John, I agree with your observation. I've watched LGND for some time now and big blocks and small blocks almost trade as two seperate markets. Most of the time, the large blocks off-set each other, particularly when volume spikes like it did on Friday. To me, it seems that the large block orders sit on the sidelines and when they get matched, the orders are executed. Big movements within a day a frequently fueled by the smaller trades, which aren't always matched up that well. Thus, a series of small buys or sells can produce a bigger short term effect, than the blocks. I thought that Friday's action indicated that the price of about 12 1/2 was where the large block buyers and sellers would freely trade. Baring another major selloff on Monday, I would expect the big block trading to resume at about the same price. I think that institutions are coming on board at that price, while Farallon is cashing in their profits. They really can't do it well without big buyers, and I think that they began to make their presence felt on Friday. When the big blocks finish moving from the weak hands (Farallon) to the strong ones (institutions looking for a major move based on upcoming NDAs, milestones, and profits), then you will see some major price movement to the upside.