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

To: Henry Niman who wrote (22922)	7/8/1998 9:46:00 AM
From: Proton	Read Replies (2) \| Respond to of 32384

Re: A Good Case for Waiting? However, because of the numerous Phase III failures and some FDA non-approvable recs of other Biotechs), many investors are waiting on the sidelines for final FDA approval or product launches.... As LGND's products move through the regulatory process, I think that the off label use will come into focus and the street will reward the patient investor. Then it is a more rational investment strategy to time one's purchases of LGND to FDA action rather than announcements from LGND researchers. Here is the "Patience is Its Own Reward" index, which compares LGND and SPX performance since "Post Zero" on 13 September 1996. I will post it -- perhaps even regularly -- whatever LGND's price does. The comparison is not, shall we say, a source of pride for Lake Liganders at the moment. Perhaps one day it will serve as a testimonial to the virtues of investing patience: Base measures (13 September 1996): SPX @ close, 680.54; LGND @ close, 14.875. Comparison will be made on the basis of a $10,000 investment: SPX, 14.694 units; LGND, 672.269 shares. Yesterday's closes: SPX, 1,154.66; LGND, 12.4375. Investment Value: SPX, $16,966.57; LGND, $ 8,361.35. Relative Performance ("P.I.I.O.R." Index): -86.05% "Hope Springs Eternal" Index (the price LGND must reach to match SPX performance over the lookback period): 25.24. Pý

To: Henry Niman who wrote (22922)	7/8/1998 10:45:00 AM
From: Hippieslayer	Read Replies (6) \| Respond to of 32384

the thing that baffles me is if LGND has one of the best pipelines in the biz for a small biotech, why doesn't Wall st know this? Maybe because LGND is inept at promoting itself? My own personal take is that the street isn't interested in rewarding LGND on the nda of panretin is because it addresses a shrinking patient base that was already extremely small to begin with. As I have telegraphed before, I'm going to assume that Panretin has some nice off label usages that LGND is keeping quiet on. Other than that, Panretin just isn't an exciting blockbuster drug. Now, if Targetin pans out as the wonder drug as it has shown in rats (YEAH I LOVE RATS!!) and it works on diabetics, various cancers etc, then Wall st will have something to cheer about.