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

To: Jack Be Quick who wrote (21184)	5/19/1998 9:25:00 PM
From: Henry Niman	Read Replies (2) \| Respond to of 32384

--John T, Actually the LGND/VICL chart was really the best: techstocks.com You had asked if VICL had been above $20 in 1996, which of course it had. To try to dance around that fact, you are given a graph that shows the per cent increase since 1992 and a comparison is made with LGND using figures that begin in Nov, 1994, two years after the two companies went public. Why anyone would compare returns of a 1992 investment to a 1994 is a bit odd, especially since the two companies went public at about the same time. When Ligand went public, investors were sold shares of LGNDA which converted into 1.33 LGND. A good part of the initial decline on the LGND graph (which was about 40%) was due to this dilution of 33%. Actually, VICL IPO investors did do better than LGND. LGND opened up the Biotech IPO window in Nov, 1992. VICL on the other hand, failed in its first attempt, and ended up with a $5 IPO. It was a risky proposal, and those who took the risk in 1992 were rewarded with a bigger gain.