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

To: Hippieslayer who wrote (23917)	8/4/1998 7:32:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

I actually take just the opposite view. When LGND acquired GLYC, they picked up many retail shareholders (LGND's 1992 IPO was heavily oversubscribed with big boys, and after a few days of flipping, the trading slowed markedly - Bill Gates actually bought 600,000 shares then). Prior to the GLYC acquisition, LGND's volume was around 10,000 shares per day and its spread was about 3/4. After GLYC came in, the volume picked up markedly and the spread became very small. This encouraged traders to come on board and they became LGND's primary movers of sharp up and down prices. Big boys have a much harder time getting in and out. Consequently, when they take a position in LGND they frequently do it for the long term. Many stocks are still overvalued, but Biotechs have been beaten down pretty severely. I think that LGND is near its bottom. Volume picked up today and LGND moved up near the close while the Dow and NASDAQ were tanking big time. LGND could dip a bit more, especially if the overall market continues heading south, but I wouldn't be surprised to see a dip at the open followed by a sustained move up. LGND starts its road show next month at Bear Stearns and of course LGND is VERY CHEAP. There is the AGN overhang and maybe Farallon, which would make it easier for the big boys to hop on board. LGND should have 5 drugs on the market by the end of next year, and next year should turn a profit. That's the kind of biotech that the big boys are looking for. Institutions are having second thoughts about the smaller Biotechs that have much more development to do. LGND's pipeline is very attractive and I do expect them to do a couple more deals fairly soon. The pharmas get to look at more data than investors or analysts, so the deals are additional votes of confidence for LGND's future.

To: Hippieslayer who wrote (23917)	8/4/1998 7:55:00 PM
From: Andrew H	Read Replies (2) \| Respond to of 32384

>>I think this is just a preview of what I believe to be a much bigger correction that will happen in the next few months.<< This is the best news I have heard in months. If there was ever a contrary indicator, you are it. Now is the time to start buying like crazy!!!