Elan kept at sell by Merrill

Merrill Lynch analyst Erica Whittaker retained Elan Corp. plc at a sell rating. The analyst is now including Elan's phase 2 antibody AAB-001 in her valuation and also believes that Tysabri could be approved for Crohn's disease. As a result, Whittaker increased 2010 Tysabri sales forecast to $860 million, from $640 million. Merrill's new sum-of-parts valuation is $5.50. Elan is considered a frontrunner in the Alzheimer field. Shares of the Dublin, Ireland-based biotechnology company were down 51 cents, or 3.22%, at $15.33. (NYSE: ELN)

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