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

To: Michael Massimilla who wrote (14257)	2/5/1998 1:08:00 AM
From: Flagrante Delictu	Read Replies (1) \| Respond to of 32384

Michael, Once again I wholeheartedly agree with what you say. Somehow, it appears to me that you don't understand that I do. Consequently, I refer you to my post # 14239 in which I said to WTDEC " Furthermore, it appears to me that you have not considered that some traders either do not have available to put up, or prefer not to put up, the additional $500 plus dollars to own the stock rather than the warrants. Nor do you seem to make much of the fact that if the stock were to decline severely, cf. FUGAZI & tonyt, the dollar loss should be significantly greater than that of the warrant. It is apparently this attribute in an uncertain biotech market that results in the higher premium than we would prefer". Another name for this attribute is "volatility" a measure of the underlying stock price movement for a given period of time, which results in a calculated estimate as to how "volatile" the stock might be in a subsequent timeframe. If you will consult the post # 14249 by Stewart H. Whitman you will see how the volatility estimate is used in calculating the estimated current fair value for the LGNDW.Bernie Message 3342473