Citigroup reiterates sell rating for Elan

Elan Pharmaceuticals, Inc. was reiterated with a sell rating by Citigroup Investment Research analyst Andrew Swanson, who also adjusted forecasts on third-quarter results. Because of a smaller-than-expected third-quarter loss, Citigroup updated forecasts, including $0.90 loss per share from $0.99 in 2005 and to $0.42 from $0.33 in 2006, to better reflect spending trends. The company remains confident that Tysabri will return to the market for multiple sclerosis and will file for Crohn's disease treatment at the appropriate time, Elan officials said. Shares of the Dublin, Ireland-based biotechnology company were down $0.05, or 0.62%, at $7.97 on volume of 3,538,500 shares versus the three-month running average of 6,350,460 shares.

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