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

To: Henry Niman who wrote (13705)	1/25/1998 12:07:00 AM
From: Proton	Read Replies (2) \| Respond to of 32384

Re: Friday Action Thanks for the repeat, Henry. One was 50K, the other was 56.5K and they were both at 12 3/8 (the full ask price) I wonder where the shares came from. The removal of that overhanging demand can have an negative impact on price. I'm sure the purchaser of 56.5 Kshares is thrilled to be $10,594 underwater going into a weekend with a major political scandal. :-) Later in the afternoon, many pharmas and biotechs headed south, and LGND participated in that move also. Yes, but the BTK declined 1.47%, while LGND dropped 4.41%. That's too great a disparity for me to accept the sector decline thesis alone. ...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. With no mention on Ligand in the Pfizer announcement and no discussion from Ligand, it is quite possible that retail (and, perhaps, institutional) holders of the stock figured out the connection later in the day. Pý