Elan's stock is up in Ireland based on a brokerage firm there upgrading it to a "buy" stating that the company is currently undervalued and a Dulblin newspaper article stating that Elan is going to reduce annual costs by 50% to reduce their burn rate. Thanks to the people who post helpful information on this board about Tysabri and Elan especially the patients, neurologists, and knowledgeable investors. I am happy to be one of those Elanite longs!!
I don't attribute Elan being up to either NCB's positive comments or takeover rumours. I attribute it to people gradually copping on that this is a ridiculous fiasco and the whole situation is over sold.
Let's face it, every time the market sees a price go up, or go down, they try to think of a reason to justify it. A stock mainly traded on NYSE won't benefit from positive comments by 1 small, out of a multitude of large, brokers.
Likewise, nobody will pay any attention to baseless comments in the Sunday Times. I believe the Sunday Times has done this before and my guess is someone they actually trust is occasionally pumping them complete crap.
No, the people who attribute the movement to those stories, are the same idiots who believe Tysabri causes PML and three patients are dead.
Burn rate is correct. Smart money is selling on the bounce not buying. Dead money at best for several years. The litigation which will ensue will cripple this company. Salvage may come to a company that picks up the pieces of the once high flyer....bye bye.