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Merrill retains Elan at sell
Elan Corp. plc was retained at sell by Merrill Lynch analyst Erica Whittaker. The company's second-quarter loss was greater than the analyst expected. Merrill reduced its 2006 Tysabri sales forecast to $50 million from $73 million. While Elan's shares appear to be pricing in Tysabri multiple sclerosis sales of over $2 billion, the analyst believes this is overly optimistic. Shares of the Dublin, Ireland-based biotechnology company were up 13 cents, or 0.86%, at $15.18, on volume of 4,361,500 shares versus the three-month running average of 6,982,650 shares. (NYSE: ELN)
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