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

To: Peter Singleton who wrote (23292)	7/17/1998 9:50:00 AM
From: Mudcat	Read Replies (1) \| Respond to of 32384

Peter, the talk in the posts has been only about AGN selling. Lets remember Fallaron will also be selling and it should be noted that Lily bought shares although at at higher prices. It appears there will always be an overhang in this stock. I have been saying all along, I cannot figure out why Lgnd is selling stock as part of their deals instead of holding out for cash. If their science is as impressive as yea-sayers are hyping, then the big drug companies should be willing to pay top dollar without Lgnd having to sell them shares of their stock (premium or no premium).

To: Peter Singleton who wrote (23292)	7/17/1998 10:12:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Peter, Speaking of reality look at LGND's chart covering Dec, 1995 and Jan, 1996: techstocks.com At that time, LGND's VCs were distributing (I think about 3 million shares) through H&Q. LGND's price actually rose during the distribution (from just below $10 to over $11) and after the overhang was gone, the price jumped to its all time high of 19 3/4. That is the reality. As far as the future impact of the AGN overhang is concerned, it really is a supply and demand issue. Sometimes an overhang at these low prices actually stimulates demand (institutions do not usually wish to force the price higher as they buy into a position). As far as Farallon is concerned, I haven't seen any indications that they are currently selling.