Merrill puts Elan at sell

Elan Corp. was rated at sell by Merrill Lynch analyst Erica Whittaker. Tysabri sales are not expected to start ramping up until the fourth quarter, leading the analyst to reduce her 2006 Tysabri sales forecast to $50 million, from $73 million. The analyst assumes that about 5,000 patients will be treated with Tysabri by year end. Shares of the Dublin, Ireland-based biotechnology company were up 25 cents, or 1.69%, at $15.05, on volume of 4,085,000 shares versus the three-month running average of 6,882,650 shares. (NYSE: ELN)

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