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

To: RXGOLF who wrote (24150)	8/7/1998 4:47:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Greg, I'm not sure that the true short position on LGND is all that large. A good chuck of it is Farallon. Their arbitrage postion was not all that difficult to figure out and it wasn't all that hard to bet that LGND would call ALRI, so there really may be many other positions out there like Farallon, only not as big, so SEC filings were not required. There probably were some real shorting in the last year (the real kind, not the virtual stuff posted on this thread), so maybe there is some covering. However, most of the big boy block action was in the 40K to 60K size, and I suspect that those trades were AGN or Farallon.