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

To: Henry Niman who wrote (24984)	8/28/1998 2:38:00 PM
From: growthvalue	Read Replies (1) \| Respond to of 32384

That's a little misleading, Henry. Using the reasoning you just used, one would think that buyers of lottery tickets anticipate that they will win a certain amount over the time that they play. This is nonsense - buying a lottery ticket is a losing proposition on an expected value basis. People are willing to pay above the expected value of the ticket - they are paying for the CHANCE of winning big. So the price suggests only that the market thinks Ligand has a chance at being successful by June '00. Which also implies that there is a chance that Ligand will NOT be successful by June'00.