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

To: tonyt who wrote (14272)	2/5/1998 8:32:00 AM
From: Russian Bear	Read Replies (1) \| Respond to of 32384

Sorry, Tony, I wasn't clear. You are correct: the exercise price is fixed at just over $7. I meant that 7.125 is merely some 119% of 6, the hypothesized price for the underlying in our example. Such a warrant / option would definitely retain substantial value, provided that its expiration were still many months away. An analogous situation would be a call option with 28 months left of life, with a strike of 13.5, given the current price of LGND common. Sorry for the confusion. RB