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

To: Proton who wrote (13702)	1/24/1998 9:32:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

P2, I commented on the volume spike when it happend: Message 3241661 At the time, LGND's price as 12 5/16 X 12 3/8. The two trades went off within seconds on each other (1 minute charts will combine the two trades). One was 50K, the other was 56.5K and they were both at 12 3/8 (the full ask price). I view this type of action as the MMs dipping the price to pick up some big boys. LGND traded all morning where it left off, 12 5/8 X 12 7/8. After about 60K worth of trading, the price fell on very little volume. Then the two big boys came in. Later in the afternoon, many pharmas and biotechs headed south, and LGND participated in that move also. That dip did generate some retail selling. It's always hard to know cause and effects, and I don't have level 2 to see what was waiting on the sidelines before the did, but if the market is "efficient", the buyers and sellers should have known about the PFE press release last night, well before the market opened and well before the price dipped.