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

To: Henry Niman who wrote (17511)	3/17/1998 12:07:00 AM
From: tom r. phillips	Read Replies (1) \| Respond to of 32384

Henry -- >> if LGND closes below $15 on Friday, doesn't that make the 15 calls worthless and doesn't this make money for the MMs?<< yes, worthless if LGND closes below $15. assuming that the MMs sold most of the options to the investing public (probably a safe assumption), it would be advantageous to the MMs for LGND to close below $15. >>is the action on March options for LGND skewed in the direction of March 15 calls?<< yes. CALLS OPEN INTEREST March 10 0 March 12.5 65 March 15 363 March 17.5 0 The open interest in puts is negligible. As J.D. pointed out, this isn't a large open interest, but i assume it has some influence. tom