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

To: Machaon who wrote (24186)	8/8/1998 3:25:00 PM
From: Henry Niman	Respond to of 32384

Misinformation continues. Trades that are out of sequence are marked "late". These trades (which do NOT show up on LGND's chart) have been going on for about a week now. If you look at closing prices for LGND's action on Friday, they will show the last trade of the day as 100 shares at 10 1/4 when in reality, it was most likely 8000 shares at 10 1/4, with 7900 shares of the trade showing up late (doesn't it seem rather strange that the total number of trades at 10 1/4 for the day equals 2, with 100 shares at the close and 7900 after the close, while smaller trades at $10 happened before and after the $10 1/4 trades?). The "late print" explanation is just more misleading information.

To: Machaon who wrote (24186)	8/8/1998 5:13:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Bob, Next week's action should be interesting. As I said after AGN announced that they would be selling for the next several quarters, it's impact on price really is hard to predict. LGND, along with just about the entire Biotech sector, was hammered last week and LGND's price fell below $10. This allowed some heavy hitters to step up to the plate. Friday's action was most obvious, as buys between 9 15/16 and $10 went to work on the overhang. I suspect that AGN threw in the towel and sold a couple of the larger blocks (50K and 60K) that went off at 9 7/8, and the overhang reduction forced the 7900 buy at 10 1/4 after the close (which I suspect was really an 8000 share buy, which the MMs were hiding). We'll see if our heavy hitter(s) will pay more than $10, or if AGN will sell more below $10. In any event, the heavy volume on Friday was a very good sign, and I suspect that the big boy buying may be signaling more heavy trading next week. I actually would be happier with volume above 500K, but 300K would still be a significant increase over the 100K per day before last week's downturn.

To: Machaon who wrote (24186)	8/8/1998 9:45:00 PM
From: tonyt	Read Replies (1) \| Respond to of 32384

How soon we forget the 'after hour' activity a short while back when these so called 'after hours' trades were 1/4 point above the close, yet the next days open was at or below the close. The misinformation on this thread is astounding. First "swaps", then "weak hands", now 'after hours'.