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

To: bob zagorin who wrote (24940)	8/27/1998 1:45:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

bob, I've seen reiterated BUYS from Bear Stearns, Legg Mason, and H&Q, but I haven't seen anything from Lehman or BARS.

To: bob zagorin who wrote (24940)	8/27/1998 1:52:00 PM
From: Henry Niman	Respond to of 32384

Speaking of comments, CNBC just had Greg Miles on who gave a review on Pharmas. He indicated that the prices have exploded, but some thought that they were now too expensive. They used an earlier piece (this morning) to predict that the sector might experience a panic blow-off because of the high prices. The sector was selling at 30X 1999 earnings with a projected growth of 15%. However, S&P was at 20X 1999 earnings and growth at 18%. Cited a need for a 15% correction, but then quoted H&Q as saying that the cheaper companies (MRK, ABT, AHP) were still attractive although PFE and WLA were expensive. Closed by mentioning foreign exposure (50% of sales overseas, but only 10% of profits in Asia). Earlier in year profits were hurt by strong dollar.

To: bob zagorin who wrote (24940)	8/28/1998 6:38:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Yeterday's CNBC report on the pharmas was repeated this morning. The WSJ is running a story today on an upcoming presentation that will try to shift the heart valve problems attributed to Redux (dexfenflouramine) and Pondimen (fenflouramine) to phentermine (other half of fen/phen combo). Study was done by founder of IPIC (makers of Redux) and SBH is calling foul. Some have replaced redux with Prozac (LLY) and the report suggest that the since phentermine is a MOA inhibitor(as is Sudafed sold by WLA, and St John's Wart) many combinations may cause heart valve problems. The study is to be presented this weekend: paradise-web.com and could cause considerable concern if coverage is widespread.