Elan Corp (ELN) NewsBite - ELN Rises on Higher Tysabri Sales
Posted: Thursday, July 16, 2009 11:41 AM EDT
By: Market Intelligence Center Staff
Elan Corp (NYSE: ELN) opened at $7.15. So far today, the stock has hit a low of $7.08 and a high of $7.33. ELN is now trading at $7.29, up $0.47 (6.82%). Over the last 52 weeks the stock has ranged from a low of $4.85 to a high of $35.88. Shares of ELN are rising today after Biogen (BIIB) announced that usage of its multiple sclerosis drug Tysabri, which it jointly manufactures and distributes with ELN, increased almost 27% during the second quarter compared to Q208. This could be a good 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 October out-of-the-money bull-put credit spread below the 6 range. [ABR-Seven Summits Strategic Investments NewsBite]
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