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

To: Flagrante Delictu who wrote (17805)	3/24/1998 1:18:00 PM
From: Proton	Read Replies (1) \| Respond to of 32384

Re: Me, Skeptical of Analysts? An interesting question for R. v. d. Broeck would be, "What made [him] change from listing LGND as his favorite bio pick at the end of the '97 H & Q bio conference to a mere 'buy' this year?" A cynic would answer, "Perhaps H&Q has finished unloading its excess inventory in LGND." Fortunately, I am not yet that cynical. Unfortunately, I am not yet that cynical. Pý

To: Flagrante Delictu who wrote (17805)	3/24/1998 1:21:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Bernie, H&Q has had a "BUY" on LGND for several years now. It didn't change after H&Q (1997 or 1998), and it hasn't changed now. The other three firms covering LGND (Bear Stearns, Robertson Stephens, and Lehman Brother) give LGND their highest rating.

To: Flagrante Delictu who wrote (17805)	3/24/1998 2:02:00 PM
From: Henry Niman	Respond to of 32384

Bernie, At this time, only H&Q doesn't give LGND their highest rating. Maybe a few more strong buys will convince them that they are trailing instead of leading in the analysts' department. I just talked to SA and everything is "on track", so I would expect an NDA announcement and an AHP announcement (IND for TSE424) very soon. In conjunction with the NDA filing, LGND now has complete Phase III data (collected after the trial was halted) and the final data looks "very good", so a press release on the final data would not surprise me. The NDA filing, coupled with an IND by AHP and a Phase III update should get a few more analysts off the fence, and get them to initiate (or reinitiate for Raymond James or Merrill Lynch) coverage. I don't expect LGND to stay in the teens much longer.