Elan Corp (ELN) NewsBite - ELN Falls on Lower Tysabri Sales
Posted: Friday, February 06, 2009 10:08 AM EDT
By: Market Intelligence Center Staff
Elan Corp (NYSE: ELN) opened at $7.38. So far today, the stock has hit a low of $7.33 and a high of $7.78. ELN is now trading at $7.69, down $0.32 (-4.00%). Over the last 52 weeks the stock has ranged from a low of $4.99 to a high of $37.45. Shares of ELN are trading lower this morning after Biogen Idec Inc. (BIIB) said sales of Tysabri, a multiple sclerosis drug sold through a partnership with ELN, fell to $218 million in the fourth quarter compared to $216 million in the third quarter. This could be a bad sign for ELN. Technical indicators for the stock are neutral and S&P gives ELN a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ELN the stock seems like it could be a candidate for an April out-of-the-money bear-call credit spread above the 10 range. [ABR-Seven Summits Strategic Investments NewsBite]
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