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

To: Proton who wrote (13744)	1/26/1998 1:47:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

<<Peter, since the bid dropped after these two trades, they were more likely sells... The seller "probably didn't want to go into a weekend with a major political scandal" while holding LGND :-) This makes sense, unless the trades went off at the ask.>> Both trades went off at the ask price (12 3/8). Since the bid was 12 5/16 at the time, I'm not sure why the MMs would have executed both trades at the ask price if they were sells. There were no opposing large blocks at the time. Volume jumped from 60,000 to over 160,000. Why would a MM execute sells at the ask price?