Elan (ELN) NewsBite - Elan Rises on Competitors' Failed Drug Study

Posted on Monday, June 30, 2008 10:20 AM Elan Corp. (ELN) opened at 35.27. So far today, the stock has hit a low of 35.27 and a high of 35.85. ELN is now trading at 35.33, up 0.42 (1.19%). The stock hit its 52 week high of 35.96 in June and set its 52 week low of 16.37 in July. ELN has been gaining ground for the past year. Elan shares have been rising after rivals Myriad Genetics (MYGN) and Lundbeck announced Flurizan, an experimental drug for Alzheimer's disease, failed to help patients in a pivotal clinical test. A rival treatment from Elan proved recently effective for some people. Technical indicators for the stock are bullish and steady while S&P gives ELN a positive 4 STARS (out of 5) buy rating. If you’re looking for a hedged play on this stock, consider an August bull-put credit spread below the $25 range. ELN stock... [read full story]