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

To: Alper H.YUKSEL who wrote (24146)	8/7/1998 12:46:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Another big block (41K) at 9 31/32. LGND can be affected by a market meltdown, but it looks like some rather heavy hitters are buying in at this price. It looks like institutions are accumulating, as retail throws in the towel (last 3 month reporting period shows 4.9 million shares bought by institutions). I think that Biotechs like LGND are very attractive in general, and at $10 for LGND, its a real bargain (like a half price sale). Volume has been thin and Biotechs have been out of favor, especially the smaller ones. Big boys like to buy on dips and that's what I see as happening today. I'm a bit surprised that AGN would be selling at this level, but two large blocks (50K and 60K) did go off at the bid, so obviously someone is worried about further declines or just wanted to take advantage some some big boy(s) stepping up to the plate.