Elan Corp (ELN) NewsBite - ELN Loses BIIB Court Ruling
Posted: Friday, September 04, 2009 10:17 AM EDT
By: Market Intelligence Center Staff
Elan Corp (NYSE: ELN) opened at $6.91. So far today, the stock has hit a low of $6.85 and a high of $7.08. ELN is now trading at $7.07, down $0.28 (-3.81%). Over the last 52 weeks the stock has ranged from a low of $4.85 to a high of $13.10. Shares of ELN are declining this morning after a federal judge ruled last night that the company's recent deal to sell an 18.4% stake to Johnson & Johnson (JNJ) breaches its deal with Biogen Idec Inc. (BIIB) to sell multiple sclerosis treatment Tysabri. ELN now must amend its deal with JNJ by September 26 or else lose all rights to Tysabri, which creates almost $1 billion in annual revenue. 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 bear-call credit spread above the 8 range. [ABR-Seven Summits Strategic Investments NewsBite]
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