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

To: Brian Moore who wrote (15352)	2/19/1998 3:57:00 PM
From: Henry Niman	Respond to of 32384

Brian, I know it's hard to read each post, but earnings have been discussed at length. CEO Robinson began talking (just before the $200 million LLY deal was signed) about LGND being profitable in 1999. In Nov 1996, Robertson Stephens did a 10 year projection and showed positive earnings beginning in 2000, as did most analysts. At the end of 1997, Bear Stearns came out with new estimates, showing a profit in 1999. Before that, Jesse Eisinger in thestreet.com did a piece indicating that profits would come sooner than expected, and most analysts privately agreed. After Bear Stearns publicly agreed, Robertson Stephens came out with new numbers showing 1999 as breaking even. The last quarter of 1997 was a big (67%) earnings surprise. In 2003, Bear Stearns predicted earnings of $2.05 ($1.76 fully diluted), which is close to Robertson Stephens' numbers. RS have project EPS growth in the 100% per year range, hitting $14.55 in 2006 (fully diluted with 50 million shares). All of the above have been discussed at length and are linked to the Analyst Table at home.att.net - the article from thestreet.com is in the Background table at home.att.net The revised earnings resulted in a STRONG BUY rec from Zack's and LGND is the only Biotech in the top 25 (excluding one that is being followed by 1 analyst) with a STRONG BUY. LGND's EPS in 2006 would translate into a share price in the $700 to $1400 range.