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

To: Torben Noerup Nielsen who wrote (16583)	3/5/1998 9:37:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Torben, Actually, the effect on stock price is frequently a defensive move by the MMs. Today LGND's volume was on the low side, but the bid price fell to 15 1/8 shortly after the open on very low volume. When few sellers showed up, the price started to return to yesterday's levels. In fact it spent most of the day today at level above most of yesterday's prices. Yesterday, LGND made most of its move in the late afternoon, and today LGND returned to that level before selling pressure at the close (LGND traded at 15 3/4 five minutes before the close). LGND's price has moved up steadily on modest volume because there are not too many seller. A few big boys or rotators could have a fairly big effect, although I'm sure that there are retail sellers waiting for LGND to hit 17 or 18. When they clear out, the price will be set to move up very dramatically.