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

To: dwight martin who wrote (14401)	2/7/1998 8:30:00 AM
From: tonyt	Respond to of 32384

> my LGND v. LGNDW decision is easy because I cannot margin. OK, if you cannot margin, then LGNDW is the only financing option. Sort of like when folks can't get an equity loan, they must use more expensive costs of financing. Which just made me realize that LGND on margin is even more favorable as the margin interest is deductable! > Thank you for that great website The thanks really goes to N.A.H. (I was looking for a site like that for a year)

To: dwight martin who wrote (14401)	2/7/1998 9:36:00 AM
From: Henry Niman	Respond to of 32384

Dwight, If you are looking for a web site with historical volume data, you might want to go directly to the NASDAQ site (for NASDAQ stocks of course). Just go to the box on the left and select charting and scroll down to 72 months. If you click on the chart, the underlying data will appear. LGND's chart is at: nasdaq.com Their chart only goes back 63 months to 11/18/92 when they went public, but you can see LGND's all time high volume (when it was LGNDA) which was set on the day of it's IPO (11/18/92) when volume was 3,308,700. On the price side, the site doesn't take into account that LGNDA converted into 1.33 LGND, but it's one of the few sites that will actually produce a chart for LGND going back to 1992 and the underlying data shows all of the volume. It's also rather clear when the GLYC acquisition / ALRT formation were made, and coverage of LGND by MTSL, CTSL, and Bear Stearns began, around April-May of 1995. Just look at the price and volume jump. We will soon see if we can get a repeat performance.

To: dwight martin who wrote (14401)	2/7/1998 11:35:00 AM
From: tonyt	Respond to of 32384

> Thank you for that great website. Its useful to look at the numbers instead of charts. (...and if you want charts, you can get them right here on SI) --Tony

To: dwight martin who wrote (14401)	2/7/1998 11:54:00 AM
From: Henry Niman	Respond to of 32384

dwight, As I said earlier, if you click on the chart, you get the underlying data. The site has the daily volume for the past 63 months for LGND. It won't fit on SI. Here's the past several months: LGND - Class B Common Stock Stock Price History Date Close Volume (00s) 02/05/98 11.250 3260 02/04/98 11.313 2177 02/03/98 11.313 4055 02/02/98 11.125 3189 01/30/98 11.000 7092 01/29/98 11.000 4702 01/28/98 11.813 729 01/27/98 11.938 1999 01/26/98 11.938 3467 01/23/98 12.188 2625 01/22/98 12.750 1520 01/21/98 12.500 1177 01/20/98 12.625 1997 01/16/98 12.250 5425 01/15/98 12.125 15296 01/14/98 12.250 2461 01/13/98 12.000 1486 01/12/98 11.875 1536 01/09/98 12.250 4828 01/08/98 12.500 2586 01/07/98 12.938 1479 01/06/98 13.063 2288 01/05/98 13.375 3216 01/02/98 12.750 987 12/31/97 12.875 3753 12/30/97 12.438 2060 12/29/97 12.063 2513 12/26/97 12.000 524 12/24/97 11.625 1500 12/23/97 11.875 1571 12/22/97 11.969 968 12/19/97 11.875 3899 12/18/97 12.250 3455 12/17/97 12.688 2836 12/16/97 12.938 2843 12/15/97 13.063 2796 12/12/97 13.188 1288 12/11/97 13.438 4317 12/10/97 13.875 4411 12/09/97 13.875 4479 12/08/97 13.938 2716 12/05/97 13.875 1555 12/04/97 13.750 1596 12/03/97 13.625 1123 12/02/97 13.625 2208 12/01/97 13.188 1878 11/28/97 12.750 1783 11/26/97 12.625 2354 11/25/97 12.625 2108 11/24/97 13.125 1953 11/21/97 13.938 593 11/20/97 13.750 928 11/19/97 13.875 767 11/18/97 14.063 1498 11/17/97 14.063 1317 11/14/97 14.000 2145 11/13/97 13.750 1556 11/12/97 14.000 2389 11/11/97 14.625 950 11/10/97 15.000 1410 11/07/97 14.563 1446 11/06/97 15.063 1049 11/05/97 15.250 1964 11/04/97 15.063 1801 11/03/97 15.438 1513 10/31/97 14.625 3311 10/30/97 14.938 2103 10/29/97 15.000 2303 10/28/97 14.750 6488 10/27/97 13.813 6721 10/24/97 15.000 3035 10/23/97 16.250 4180 10/22/97 16.563 2493 10/21/97 16.938 6211 10/20/97 16.500 8838 10/17/97 16.063 3556 10/16/97 17.375 3106 10/15/97 18.188 2159 10/14/97 18.313 3888 10/13/97 17.688 2934 10/10/97 17.313 1359 10/09/97 17.625 2055 10/08/97 17.188 4072 10/07/97 17.250 7373 10/06/97 16.563 1328 10/03/97 16.625 1943 10/02/97 16.188 542 10/01/97 16.313 1273 09/30/97 16.500 1196 09/29/97 16.500 4177 09/26/97 16.250 3363 09/25/97 16.938 4336 09/24/97 16.375 872 09/23/97 16.375 1351 09/22/97 17.000 2627 09/19/97 16.938 1318 09/18/97 16.938 7724 09/17/97 16.813 2646 09/16/97 16.250 4242 09/15/97 16.500 3778 09/12/97 16.625 5152 09/11/97 16.063 3372 09/10/97 16.000 6421 09/09/97 16.000 5514 09/08/97 16.000 3459 09/05/97 15.938 4098 09/04/97 16.125 11231 09/03/97 15.563 6921 09/02/97 15.125 4740 08/29/97 14.500 1300 08/28/97 14.375 3537 08/27/97 14.750 9292 08/26/97 13.750 5978 08/25/97 13.500 3224 08/22/97 12.500 1734 08/21/97 12.500 2111 08/20/97 12.000 2434 08/19/97 11.938 1428 08/18/97 12.000 1328 08/15/97 11.938 2450 08/14/97 12.188 1114 08/13/97 12.188 1163 08/12/97 12.563 2022 08/11/97 12.438 1357 08/08/97 12.500 1521 08/07/97 12.875 909 08/06/97 12.938 924 08/05/97 12.875 1511 08/04/97 12.625 916 08/01/97 12.750 990 07/31/97 12.750 2139 07/30/97 13.250 1229 07/29/97 13.063 2349 07/28/97 12.813 2383 07/25/97 12.313 2310 07/24/97 12.125 3058 07/23/97 12.250 3484 07/22/97 12.000 2718 07/21/97 11.875 3185 07/18/97 12.438 2038 07/17/97 12.375 3587 07/16/97 12.313 2759 07/15/97 12.625 4210 07/14/97 12.875 944 07/11/97 12.938 683 07/10/97 13.125 431 07/09/97 13.250 5001 07/08/97 12.625 676 07/07/97 13.188 521 07/03/97 13.250 904 07/02/97 13.000 1744 07/01/97 12.688 787 06/30/97 12.875 2441 06/27/97 12.750 849 06/26/97 12.563 2722 06/25/97 12.563 1152 06/24/97 13.250 1545 06/23/97 13.625 526 06/20/97 13.750 745 06/19/97 14.000 1231 06/18/97 14.000 3020 06/17/97 13.750 783 06/16/97 13.688 3212 06/13/97 13.688 1936 06/12/97 13.813 1887 06/11/97 13.688 1005 06/10/97 13.688 2366 06/09/97 13.438 1553 06/06/97 13.438 5833 06/05/97 13.375 2586 06/04/97 13.000 857 06/03/97 12.500 1261 06/02/97 12.813 3197 05/30/97 11.875 2037 05/29/97 11.875 1123 05/28/97 12.000 1400 05/27/97 12.063 1645 05/23/97 12.000 602 05/22/97 11.750 1520 05/21/97 12.000 1083 05/20/97 11.875 993 05/19/97 11.875 3672 05/16/97 11.875 4028 05/15/97 11.500 3208 05/14/97 12.000 4121 05/13/97 12.000 3872 05/12/97 11.875 1051 05/09/97 11.375 559 05/08/97 11.375 1597 05/07/97 12.000 1321 05/06/97 12.000 3744 05/05/97 11.875 2461 05/02/97 10.500 2058 05/01/97 10.375 992 04/30/97 10.250 1379 04/29/97 10.375 1086 04/28/97 10.500 1493 04/25/97 10.125 1130 04/24/97 9.500 1441 04/23/97 9.250 994 04/22/97 9.125 2887 04/21/97 9.375 1082 04/18/97 9.500 1106 04/17/97 9.750 1556 04/16/97 10.250 983 04/15/97 10.250 2803 04/14/97 9.875 1235 04/11/97 10.000 3056 04/10/97 10.250 3523 04/09/97 10.125 2496 04/08/97 10.375 3208 04/07/97 10.125 3688 04/04/97 10.250 1689 04/03/97 10.500 1932 04/02/97 10.500 2010 04/01/97 10.625 2036 03/31/97 11.125 1677 03/27/97 11.750 1994 03/26/97 11.625 2363 03/25/97 10.500 2986 03/24/97 10.500 2044 03/21/97 10.500 3772 03/20/97 11.000 2541 03/19/97 11.063 3219 03/18/97 11.875 1095 03/17/97 12.125 1850 03/14/97 12.625 1209 03/13/97 12.500 1270 03/12/97 12.375 2321 03/11/97 12.688 1306 03/10/97 12.625 602 03/07/97 12.625 658 03/06/97 12.750 1317 03/05/97 12.750 1283 03/04/97 13.000 3760 03/03/97 12.250 1590 02/28/97 12.125 1260 02/27/97 12.125 5515 02/26/97 12.750 883 02/25/97 13.500 1335 02/24/97 12.750 1492 02/21/97 12.750 1414 02/20/97 13.375 872 02/19/97 13.250 1023 02/18/97 13.250 955 02/14/97 13.625 901 02/13/97 13.625 760 02/12/97 13.500 2868 02/11/97 13.625 1673 02/10/97 13.875 963

To: dwight martin who wrote (14401)	2/8/1998 12:19:00 AM
From: michael meyers	Respond to of 32384

LGND vs. LGNDW..... several points: 1) a straight comparison of expected returns must also take into account the risk of an LGND investment vs. one in LGNDW. Specifically, LGNDW is more risky than LGND [because of the time period] and thus in an up market the return should be bigger than LGND. In a down market, LGNDW would also suffer greater losses. 2) both of these investments trade in a market which means that it is highly likely that they are priced correctly in relation to each other. If they were not, arbitrage would quickly discover and remove the discrepancy. Bottom line: Buying LGNDW vs LGND depends only on the amount of risk you want to incur. Regards, Michael PS- the answer to the question of margin is similar, margin increases your risk, and thus your expected gain / loss. PSS- I'm relatively risk adverse, so its non-margin LGND for me.