Elan cut to ‘sell’ from ‘add’ at Goodbody
Elan was lowered to "sell" from "add" at Goodbody Stockbrokers in Dublin, which cited the outlook for the company’s Tysabri treatment.
“We believe that the market may possibly have run ahead of itself in the valuation of both EDT and Tysabri and would be nervous of chasing the stock at the current price,” Goodbody analyst Ian Hunter in Dublin said in a note today.
He has a share-price estimate of $5.75 on Elan. Elan shares have risen 17pc this year and closed at $7.65 in New York yesterday.