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

To: AJAG who wrote (19810)	4/30/1998 8:52:00 AM
From: Henry Niman	Respond to of 32384

PGNS bid has already hit $41 this morning (which would be an all time high).

To: AJAG who wrote (19810)	4/30/1998 8:55:00 AM
From: Henry Niman	Respond to of 32384

Here's what thestreet.com had to say last night on PGNS: Evening Update: PathoGenesis Posts 1Q Earnings, Tops Expectation for Loss By Heather Moore and John J. Edwards III Staff Reporters 4/29/98 9:27 PM ET PathoGenesis (PGNS:Nasdaq) reported first-quarter earnings of 6 cents per share, soundly beating the seven-analyst expectation of a 9-cent loss versus the year-ago 43-cent loss. The company cited the success of its TOBI cystic fibrosis treatment. PathoGenesis said it now expects to be profitable in each quarter of 1998 and for the full year; current estimates call for a loss of 8 cents in the second quarter, a break-even result in the third quarter, a profit of 22 cents in the fourth quarter and a profit of 1 cent for the year.

To: AJAG who wrote (19810)	4/30/1998 9:19:00 AM
From: Henry Niman	Respond to of 32384

Here's what Piper Jeffrey had to say this morning about PGNS: PathoGenesis Corporation (#) (PGNS - $37 3/4) Strong Buy; $60 Target: TOBI Sales Far Exceed Our Estimate. Profitability Achieved Three Quarters Earlier Than Expected. Raising Price Target To $60 -Yesterday, PathoGenesis announced that TOBI sales for the first quarter were $14.5 million, well above our estimate of $10.0 million. Even more impressive, PathoGenesis reported EPS of $0.06 versus our estimate of $(0.14), making the Company profitable a full three quarters before we had projected. We are raising our 1998 sales estimate to $61 million from $51 million, and our 1998 EPS estimate to $0.32 from $(0.03). We emphatically reiterate our Strong Buy rating and are raising our price target to $60 (up from $57). Peter L. Ginsberg, CFA, 612-342-6456, pginsberg@pjc.com