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

To: Night Trader who wrote (15002)	2/13/1998 11:30:00 AM
From: Henry Niman	Respond to of 32384

martin, LGND has indicated that they do not anticipate another secondary. This year they should get significant milestone and research payments from LLY as well as others (AHP, GLX, ABT, SBH). They expect to be profitable next year and expect to have sufficient funds to achieve that goal. As far as coverage is concerned, it's all in the rumor category, but based in part by who was talking to whom at the conferences, rumors from analysts, visits to the web site, and LGND's price and maturity. There are no guarantees, but I would be very surprised if LGND did not pick up some additional coverage within the next month or two. Their pipeline is maturing quickly and now is a good time for analysts to make some excellent recs to their clients.

To: Night Trader who wrote (15002)	2/13/1998 3:08:00 PM
From: Wallace Rivers	Read Replies (1) \| Respond to of 32384

As one who was a broker and is a current money manager, while a complete idiot on bioscience, let me add something of substance to this thread concerning WS coverage. Coverage begins BEFORE secondary offerings (and those participating in the secondary provide research coverage), because WS firms make big bucks from banking business. Typically, WS likes to juice up a stock prior to the secondary, so more $$ can be brought in. The secondary gets done, the company and the bankers are joyous, positive research continues, and the stock hopefully continues to rise, making buyers on the secondary happy, as well. Not a formula cast in stone, but one I have seen repeated many times.