Citigroup reiterates Elan at sell

Elan Corp. plc was reiterated at a sell by Citigroup Investment research analyst Andrew Swanson on news that the Food and Drug Administration is permitting the company's Tysabri clinical trials to resume. As a result, Elan and Biogen Idec will soon begin an open-label safety study of Tysabri in multiple sclerosis. Citigroup believes Elan is optimistic of its Tysabri returning to market and emerging as the leading MS therapy. Shares of the Dublin, Ireland, pharmaceutical company were unchanged at $14.54 on volume of 7,256,500 shares versus the three-month running average of 10,100,200 shares. (NYSE: ELN)

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