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

To: jayhawk969 who wrote (28618)	3/30/1999 7:53:00 PM
From: Wallace Rivers	Read Replies (1) \| Respond to of 32384

Well, J.D., it happens all the time - witness, ROSI, TECD, SFSK, and myriad others. That being said, I am thinking to myself (I fear I almost might be considered a yea-sayer!) that, although the Street was looking for "only" (.20) and LGND came in at (.29), that the spanking won't be as bad as some would think. Of course I've been wrong before. I'll fess up to that, some others on the thread wouldn't - he/she/they'll remain nameless.

To: jayhawk969 who wrote (28618)	3/30/1999 9:25:00 PM
From: Henry Niman	Respond to of 32384

JD, March has 31 days. LGND has indicated for quite some time that earnings would be released by the end of this month. Most readers of this board, and just about anyone who follows LGND, knew that the earnings would not be positive. I think that anyone who knew the date could have done a fairly good job of guessing when earnings would be released, and what the report would look like.

To: jayhawk969 who wrote (28618)	3/31/1999 2:28:00 PM
From: Cheryl Galt	Read Replies (1) \| Respond to of 32384

Hi J.D. Yes, the quarter's earnings were well discussed, and the first wave of dilution due to the merger and the Elan deal, and the dilution due August 2nd. And i think we know that the one-time write-offs for in-process technology were $15M for Morphelan in 4Q and $30M for Ontak in 3Q. But look! Stockholders' Equity slipped from $35.35M at end of 1997 to negative $11.36M at end of 1998 -- quite a dubious distinction. And when i compare the current balance sheet to the one from 3Q 98, there's much i don't understand, and i hope you can help. ----------------- At end of 3Q98, Ligand had cash, cash equivalents, short-term investments and restricted cash of $43.6M. At end of 4Q98, that GREW to $72.5 million. Very nice!! But where'd the ~$30M come from ??? Since the 3Q, o the converts debt is about the same. o Accrued acquisition obligation is the same (37 + 3 + 10). o Current liabilities is up ~$8M. o Long-term debt is up ~$40M Any suggestions anyone ? Is there some kind of private financing going on?? TIA Cheryl PS - J.D., I didn't notice any leak-related selloff. I thought Ligand was swinging intra-day on [8.5 - 9.25] since the Lilly announcement. What am i missing?