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

To: The Perfect Hedge who wrote (14938)	2/12/1998 8:44:00 PM
From: celeryroot.com	Read Replies (1) \| Respond to of 32384

I believe Robertson Step. and Lehman said 18-20

To: The Perfect Hedge who wrote (14938)	2/12/1998 8:58:00 PM
From: Henry Niman	Respond to of 32384

GD, I still have a bottle of wine riding on LGND hitting $30 by August. Although Andrew thinks he has already won his third bottle (I lost two because LGND didn't hit $20 last year - it did get to 18 3/8), I suspect that after today's action he is having second thoughts. $30 by August is still a bit of a long shot, but LGND seems to be getting good at throwing out a curve every so often, and the scheduled news is already quite impressive. When LGND was trading between 11 and 12 I said it was very cheap. I feel the same way about $14 or $15. Bear Stearns indicated that fair value (at the end of 1997) was $18 and they had a 12 month target of $24 ($26?). I think that the breast data has put LGND on the radar screen (in fact I'm virtually certain that last night's CBNC piece by Joe Kernan turned on some lightbulbs) of more analysts. The web site has had almost 20,000 hits in a month. Today set a volume and tick record. I think that the analysts are a bit conservative (Lehman Brothers also has a target of $24). $30 by the end of the year is very doable if all (or most) of the promised announcements are made. LGND is heavily loaded on news, and until products hit the pharmacy shelves, news moves Biotechs. Today a couple of the summary articles noted the string of positive announcements. Biotechs have been a bit short on good news. Investors will take note.