Elan Surges on Barron's Commentary

Elan (ELN) NewsBite - Elan Surges on Barron's Commentary
Posted on Monday, April 07, 2008 12:10 PM
Elan Corp. (ELN) opened at 22.78. So far today, the stock has hit a low of 22.35 and a high of 23.23. ELN is now trading at 22.92, up 1.25 (5.49%). The stock hit its 52 week high of 26.88 in February and set its 52 week low of 13.62 in May. ELN has been climbing for the past year. Elan shares have been soaring today after a Barron's story revealed that shares of its partner Wyeth (WYE) could rise as much as 50% if an Alzheimer's treatment that it is developing proves successful. For the moment, Wyeth and Elan are sponsoring research aimed at neutralizing the adverse reaction of the experimental vaccine. Technical indicators for the stock are bearish and steady while S&P gives ELN a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a July bull-put credit spread below the $15 range. ELN stock could fall up to 34.6% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]
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