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Ligand Pharmaceuticals (NASDAQ: LGND): Appendix

Lemelson Capital further increases short stake and reaffirms 100% downside risk in Ligand Pharmaceuticals (NASDAQ: LGND), ancillary applications for Promacta® and Kyprolis® not commercially viable, Duavee® sales remain immaterial

A PDF version of the report is availablehere.

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Watch 6/19 Rev. Emmanuel Lemelson on Capital Allocation as Stewardship, Show 9:20am ET

On June 19th, Rev. Father Emmanuel Lemelson, Founder and President of the Lantern Foundation, was invited onto Benzinga's Pre-Market Prep show to discuss the theme of capital allocation as stewardship.

In the interview, Fr. Emmanuel, after some initial comments on his background and investment philosophy is asked in depth and pointed questions about his recent short call on shares of WWE that was first published on March 17th as well as his recent 25 page research report on shares of LGND. He clarifies his reasoning behind statements that shares of LGND have no intrinsic value presently. 

Shares of LGND dropped as much as 2% during the interview.

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Lemelson Capital Management Again Ranks Among World’s Top Performing Hedge Funds

Lemelson-Capital-Management  Logo - resized to 220 pxActivist Positions in World Wrestling Entertainment (WWE) and Kulicke and Soffa Industries (KLIC) Fuel Gains

 

Marlborough, MA, May 27, 2014—Lemelson Capital Management, LLC, a private investment management firm, today announced that The Amvona Fund, LP  has again been ranked by Barron's as one of the world's top performing hedge funds for April 2014.  It represents the third time in eight months that Barron's monthly performance rankings of global hedge funds has included The Amvona Fund among the world's top performers.  This designation follows the magazine previously ranking the fund as the top performing hedge fund for July and October 2013.

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Shares of WWE crash 44% - now down 63% since publication of Lemelson Capital Short Call

Lemelson-Capital-Management  Logo - resized to 220 pxOn March 17th, 2014 Lemelson Capital published “The Short Case for World Wrestling Entertainment”. At the time the shares were trading at 30.37.

The report stated that fair value for the shares was between $8.25 and $11.88 per share.

As of today, less than 60 days later, the shares are trading at $11.33 (and as low as $10.50) per share – a decline of some 63-65%.

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Lemelson Capital featured in USA Today Again

USA Today 

USA todayOn April 22nd, 2014 Lemelson Capital was featured in USA Today for a second time in less than two weeks - crediting the firm with the 10% surge (~100 M in market cap) in share price of Kulicke and Soffa industries (NASDAQ: KLIC) and reiterating the firms March 17th, 2014 short call that resulted in a ~ 800 Million drop in market cap. of World Wrestling Entertainment (NYSE: WWE).

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Lemelson Capital Management announces stake in Kulicke and Soffa Industries, delivers letter to management and board members urging immediate share repurchase

Lemelson-Capital-Management  Logo - resized to 220 px

Southborough, MA, April 22, 2014—Lemelson Capital, LLC, a private investment management firm, today announced that it has taken a significant equity position in Kulicke & Soffa Industries (NASDAQ:KLIC), a global leader in the design and manufacture of semiconductor and LED assembly equipment.


Lemelson Capital’s acquisition reflects the firm’s view that shares of the company remain dramatically undervalued.


Lemelson Capital also announced today that it is urging K&S to initiate a share repurchase plan and has delivered the following letter to the company’s management team, board of directors and other stakeholders.

 

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Lemelson Capital Reaffirms Short Call on World Wrestling Entertainment (WWE)

SOUTHBOROUGH, Mass., April 9, 2014 -- Lemelson Capital, LLC, a private investment management firm, today is reiterating its "sell" position on the common stock of World Wrestling Entertainment (NYSE: WWE).


This guidance follows Lemelson Capital's earlier March 17, 2014 sell position on the stock. Since then, WWE has experienced a substantial correction, falling 26.8 percent, from a $30.37 March 17, 2014 close to $22.21 yesterday.

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Update: The Short Case for World Wrestling Entertainment

Shares of World Wrestling Entertainment (WWE) fairly priced between $8.25 and $11.88.

On March 17th, 2014 Amvona published Lemelson Capital Managements investment thesis "The Short Case for World Wrestling Entertainment".

The shares have lost approximately 26% of their value in the 16 trading days since publication. On April 7th, 2014 ValueWalk published "Amvona Short Call Sends WWE Tumbling" stating:

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The Short Case for World Wrestling Entertainment

The business World Wrestling Entertainment (WWE) is engaged in is sport or show (or maybe both) designed to manufacture emotions - to this end, the shows are replete with the kind of drama that apparently opens wallets.

If the production of emotions however is transferred to the investing public and elicits the same visceral response to the stock as it does to the company's events, then there ought to be significant reason for caution on the long side, for sound investment policy has nothing to do with emotions.

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