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

To: jayhawk969 who wrote (23258)	7/16/1998 12:53:00 AM
From: Robert L. Ray	Read Replies (1) \| Respond to of 32384

I just checked the Allergan 10-K dated March 13, 98. It says that Allergan owns 8.9% of Ligand;... which comes out to approximatly 3.43 million shares on that date. I guess you could view this as a good news bad news type of thing. Allergan dumping shares over the next few quarters won't do any good for Ligand stock. But on the other hand they've been selling for the past quarter so that is at least partly the reason that Ligand's stock has been depressed.

To: jayhawk969 who wrote (23258)	7/16/1998 8:18:00 AM
From: Machaon	Read Replies (1) \| Respond to of 32384

<< I read as 2-2.5 million shares. Enough to make a dent in the daily sales for a long time. >> Every time there is good news, LGND has spiked up, only to go back down. Each rally must have been stifled by the Allergan selling. If you look at the 100 day chart, the volume really slowed, after LGND had dropped from $16 to $13. Since the beginning of June, the price has stayed in a tight range on lower volume. My guess, is that Allergan stopped dumping shares at the beginning of June, and is waiting for the price to go back up, before dumping any more shares. Sounds like, for the next two quarters, there might be a way to establish a trading portion of LGND, to take advantage of the Allergan action. It would seem that any upward movement, in the next 6 months, would be hit again with Allergan selling. So, one could buy at $11-12 and sell at $13-14. Bob