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

To: celeryroot.com who wrote (19420)	4/22/1998 4:16:00 PM
From: tonyt	Respond to of 32384

>they were sales Well, here's one 'poster' that agrees with you. --Tony P.S. I know that you know this, but for the benefit of any news readers on this thread, there is no such thing as a swap.

To: celeryroot.com who wrote (19420)	4/22/1998 4:26:00 PM
From: Henry Niman	Read Replies (2) \| Respond to of 32384

If they were sales, why did they go off at 14 5/8 when the bid was 14 1/2 and the ask was 14 9/16? The first one (10K)that went off at 14 5/8 was about a minute off from another 10K at 14 1/2. Why wouldn't that be a swap (10K sold at 14 1/2 and 10K bought at 14 5/8)?

To: celeryroot.com who wrote (19420)	4/22/1998 5:20:00 PM
From: Henry Niman	Respond to of 32384

Celeryroot, I just looked at LGND's 1 minute chart. The trades I was referring to were executed just after 1:00. LGND's volume jumped from just over 100,000 to just under 200,000 so I looked at a delayed tape to see what was causing the volume jump. There was a set of 10K trades. At the time, the bid was at 14 1/2 and the ask was at 14 9/16. I was surprised to see one of the 10K trades go off at 14 5/8 (the other one went off at 14 1/2). A few minutes later there was a similar set. A 25K block went off at 14 1/2 and this was balanced by a 15K block at 14 5/8 and about 10K (4K, 4K, and 2K) at 14 9/16. As can be seen by today's composite data, LGND's low for the day was 14 1/2 and the high was 14 7/8, but much of the action was between 14 1/2 and 14 5/8 and LGND closed unchanged. Usually when the price moves very little on above average volume, which includes several large blocks, these blocks are merely swaps (one block is sold and another is bought). Why do you think that the blocks were sells? (I understand why you would think that the trades at the bid were sells, by why would the trades above the ask price not be off setting buys?)