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

To: Machaon who wrote (23272)	7/16/1998 8:35:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Bob, LGND has dealt with overhangs in the past. The most dramatic example was at the end of 1995. VCs were distributing (I think it was in the 3 million share range) through H&Q. Volume spiked in Dec and Jan as the VCs swapped shares with big institutions. Although volume was very high (in the 1/2 to 1 million shares per day range), the price stayed right around $10. Then when the overhange was gone, the price doubled to LGND's all time high of 19 3/4 within a few months. As LGND moves toward profitability, I expect institutions to take advantage of LGND's extremely cheap price.