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

To: HB who wrote (15866)	2/25/1998 1:55:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Howard, LGND has stated that the have sufficient revenues and bank balances to carry them through profitability and there will not be another offering (although one of the LLY options is to take $20 million using stock at a 20% premium).

To: HB who wrote (15866)	2/25/1998 4:53:00 PM
From: HerbertOtto	Read Replies (1) \| Respond to of 32384

Howard, Agreed - volume is weak. But, that's ok so long as LGND is stuck in P2's triangle, under 14 3/4. Once 15 1/4 is exceeded, the volume should pick up, and then surge above 16. Taking into account the size of this thread, the LGND story is not exactly a secret. There may be a lot of stock in firm hands. That may help explain that nasty October - January selloff. Trying hard to shake off any loose holders. This thesis is supported by the 2 upside gaps that have held so far. Also, the tape reading from last Friday indicates lots of buyers lurking at the 14-gap. Personally, I have been unable to re-fill my LGND basket since taking 1/2 profits near 16 last week. I've seen really explosive stocks before, that sat very quietly in a little neutral zone, before taking off. They lull one into thinking that one has plenty of time to accumulate at a good price. Then after the explosion, it is hard to pay up. LGND's recent behavior suggests it may be one of those sleepers. Remember the 1st time Upjohn took off - maybe 1991? There were many many gaps during the 9 month run. Gap on high volume... quiet down with no give-back on price... then crawl upward on light volume until another gap. I never could climb aboard that one once it took off, and I sold out on the 1st gap. That idea 'fear of being out' of course in the general market signals a top in formation. But it only has use after a long rally. - like LGND last October. The volume slowed at the top. Holders were convinced it was going to 20 - were unwilling to part with stock on downticks. Outsiders were unwilling to make an entry on upticks at highs. Result was as always a standoff - and when no new fundamentals were forthcoming - the pullback. -Coming off a bottom, the 'fear of being out' shows up as low volume - and then explosions. Like me, with Wednesday now past, I may have to pay up for the remaining LGND shares I want. Sorry - talk about long-winded. Later, Herbert