Elan Corp (ELN) Higher After Goldman Adds The Stock To Its Conviction Buy List

Elan Corp (ELN) Higher After Goldman Adds The Stock To Its Conviction Buy List

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Elan Corp (ELN) Higher After Goldman Adds The Stock To Its Conviction Buy List
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June 23, 2008 11:50 AM EDT

Shares of Elan Corp. plc (NYSE: ELN) are 3% mid-day today after Goldman Sachs added the stock to their Conviction Buy List, citing prospects of the company's Alzheimer's drug bapineuzumab.

Recently, Elan and partner Wyeth (NYSE: WYE) announced encouraging preliminary findings from a Phase 2 study of bapineuzumab in patients with mild to moderate Alzheimer's disease. In the 18-month trial, bapineuzumab appeared to have clinical activity in treating Alzheimer's disease.

The Goldman analyst suggested bapineuzumab could also be effective in pre-Alzheimer's disease conditions.