Merrill retains Elan at sell

Elan Corp. plc was retained at sell by Merrill Lynch analyst Erica Whittaker. The company's second-quarter loss was greater than the analyst expected. Merrill reduced its 2006 Tysabri sales forecast to $50 million from $73 million. While Elan's shares appear to be pricing in Tysabri multiple sclerosis sales of over $2 billion, the analyst believes this is overly optimistic. Shares of the Dublin, Ireland-based biotechnology company were up 13 cents, or 0.86%, at $15.18, on volume of 4,361,500 shares versus the three-month running average of 6,982,650 shares. (NYSE: ELN)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.