Citigroup reiterates Elan at sell

Elan Corp. was reiterated at a sell with a $10 per share valuation by Citigroup Investment Research analyst Andrew Swanson. The company's shares gained 24% on the unanimous Food and Drug Administration panel recommendation in favor of returning Tysabri to the market. Citigroup believes Tysabri will be reapproved by the PDUFA date of March 29. The FDA panel suggested additional requirements for the risk plan to closely monitor patients. As a result Citigroup believes its peak product sales forecast of $1.5 billion remains achievable. Shares of the Dublin, Ireland, pharmaceutical company were down 49 cents, or 3.10%, at $15.32 on volume of 35,229,000 shares versus the three-month running average of 10,779,000 shares. (NYSE: ELN)

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