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

To: tony who wrote (24385)	8/11/1998 7:53:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

I know of nothing new at LGND. Biotechs and the general market have been heading south. This morning the price fell before the open and volume was very light. There were no large block trades (in the 40K to 60K range). They sat on the sidelines and the last large trade in that range was above $10. Thus, in the big boys' market, LGND formed at base just below $10 on Friday and moved just north of $10 on Monday. Today's action was mostly noise and margin calls. As far as news is concerned, I think that tomorrow is the day for the shareholders' vote on the SRGN acquisition, and the SRGN board controls enough votes to carry the day. I've already put up my updates from last week's discussion with IR. A few additional issues have come up, so I'll call again soon. LGND is in just as good of shape as it was before the recent dip and investors talking about declines to $5 is a good bottom signal. PS I just checked Bloomberg. The shareholder's meeting is tomorrow and the failer of the dissident shareholders to stop the meeting was re-iterated: paradise-web.com