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

To: Henry Niman who wrote (24278)	8/9/1998 1:09:00 PM
From: Andrew H	Read Replies (1) \| Respond to of 32384

Agreed that dilution has been necessary to help develop the pipeline and that LGND has an extraordinary pipeline. The question for me is how much additional dilution there will be over the next couple of years and how much profit LGND will be making from its drugs. I know RS says profitability next year, but analysts are often wrong and I would be surprised if LGND made a profit next year. I have no doubt that LGND will do well over the long term, but many investors simply do not have the patience to wait for a couple of years. However, at these price, I think the downside risk is very, very small.