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

To: John O'Neill who wrote (23360)	7/19/1998 9:13:00 PM
From: Andreas Helke	Respond to of 32384

I think Agouron is too cheap compared to its sales but about correctly valued if compared to its earnings. If they have success in developing their pipeline and can keep the current Viracept business intact they could have major upside potential. The Remune acquisition looks interesting but I don't yet know enough about it. I think Agouron is a decent speculative investment at current prices. Andreas

To: John O'Neill who wrote (23360)	7/20/1998 12:30:00 AM
From: Henry Niman	Respond to of 32384

JO, AGPH is relatively cheap, but it is a good example of the difference between LGND and most other Biotechs. AGPH and AMLN are really two sides of the same coin. Both bet heavily on one product and AGPH won while AMLN lost. AMLN is now planning to sell 3 million shares for pocket change. AGPH of course has money pouring in, but they have no real core technology, so they are out buying products in an attempt to create a viable AIDS franchise. I think that resistance, side effects, and competition will put some real pressure on Viracept growth, and I would put some of the new products that they bought in the iffy category, especially Remune. LGND on the other is still grossly under funded, and the science side is expanding at a remarkable rate, due to LGND's two powerful core technologies. The products are moving forward, but disappointments by other Biotechs have pushed out the progress that the market rewards, so the price is stagnant and requires some major institutions to remove the overhang and get the price moving. I do expect a fair amount of news in the near term, but of course there has already been quite a bit of news, with little price movement.