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

To: aknahow who wrote (27182)	1/5/1999 10:17:00 AM
From: Arthur Radley	Read Replies (2) \| Respond to of 32384

Very scary! Michael Murphy(CTSL) just mentioned three of my holdings on CNBC....LGND, XOMA and IFMX. All were buys.

To: aknahow who wrote (27182)	1/5/1999 10:50:00 AM
From: LLCF	Read Replies (1) \| Respond to of 32384

<Obviously you don't exercise unless it is profitable.> The point is that it is NEVER profitable to exercise without a "special break"! No one with 1/2 a brain is going to exercise those early! In fact I have the 7.12 put worth .75 cents of the 1.61 which leaves .86 in interest payment to the institutions for 1.5 years or .57 on an annual basis making the implied rate VERY REASONABLE to the company IMO. <If this was a good deal for LGND, and not that costly, they should offer it to everyone.> I agree <The warrants with an exercise price of $7 1/2 are worth $5 5/8 in the market. It is not as though LGND bought the warrants from the holders at market price.> The exercise price is 7.12... and I disagree.. it looks like the company paid just about fair value reflected in the market place. DAK