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

To: Russian Bear who wrote (13945)	1/30/1998 11:03:00 AM
From: tonyt	Read Replies (1) \| Respond to of 32384

400k of the 462 was one transaction.

To: Russian Bear who wrote (13945)	1/30/1998 11:12:00 AM
From: Henry Niman	Respond to of 32384

RB, The size of the blocks that I reported are correct (the price should be 11 1/4 and 11 3/8 not the 12 1/4 and 12 3/8 that I posted). As I have said before, the big boys really have their own set of numbers. A clue for today's action actually came yesterday afternoon. I have tried to stay away from citing individual trades, but yesterday's action is worth noting. When I saw LGND drop to 11, I wondered what caused the fall (retail or wholesale). I watch a 15 minute delay tape and saw that the price drop was preceeded by a couple of big boys (about 15K each) trading at the ask price (11 1/4 at the time). After the trades at the ask, the bid fell to 11 and eventually hit 10 3/4. I think that this was done to shake out some shares in the 10 7/8 to 11 range (no one actually sold at 10 3/4) and I think that these shares were then sold today (in the 11 1/4 to 11 3/8 range). Today's action makes 11 1/4 to 11 3/8 the trading (or buying) price for the big boys this morning, and yesterday afternoon's action shook out some weak (mostly retail) hands.

To: Russian Bear who wrote (13945)	1/30/1998 11:19:00 AM
From: Russian Bear	Respond to of 32384

Can anyone with NASDAQ Level II offer an insight into that 400,000-share transaction? Who was the seller? Who was the buyer? Is it the same firm or firms that were so active two weeks ago? Thanks, RB

To: Russian Bear who wrote (13945)	1/30/1998 11:22:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Although 4 trades 50K, 135K, 200K, 20K happened very close together in time at 11 1/4, 11 1/4, 11 3/8, 11 1/4 respectively, it is of interest that at the time of the first three, the bid price was 11 1/8, so the action may be swaps, but they may also represent block buys forcing the price higher (as I recall, when the first two blocks at 11 1/4 went off, that was the ask price, which was the raised to 11 3/8 which is where the 200K was bought and the bid was raised to 11 1/4 just before the 20K was executed).