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Elan Corporation, plc Message Board

  • jptrader1965 jptrader1965 Mar 8, 2006 7:09 PM Flag

    MORE NEWS SHORTS YOUR DEAD MEAT

    Eye On Stocks For Thursday, March 9, 2006
    Peter Kang, 03.08.06, 6:30 PM ET


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    Shares of Biogen Idec and Elan are likely to see a huge increase in trading volume tomorrow after the companies received the blessing of a U.S. Food and Drug Administration advisory committee for multiple sclerosis drug Tysabri. Both stocks were halted during the two-day FDA advisory meeting. The 12-member panel voted unanimously in favor of use of Tysabri as a second-line treatment and 7 to 5 as a first-line treatment. The halt on Elan trading was lifted in the last half-hour of today's session, with the stock ending up 24%. Shares of Biogen Idec rose 9% in after-hours trading.

    The majority panel recommendation for Tysabri as a first-line treatment prompted Deutsche Bank to upgrade Biogen Idec (nasdaq: BIIB - news - people ) to "buy" from "neutral" as the firm expects the drug will receive favorable labeling from the FDA. "While we would expect Tysabri to be used predominantly as second-line treatment, the importance of opening up for first-line use would allow physicians flexibility to use Tysabri in more difficult to treat cases earlier on and allow faster penetration into the non-responder market." Deutsche Bank raised the price target on Biogen Idec to $63 from $38. (See: " The Tysabri Game Plan.")

 

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