Elan keeps sell rating from Merrill

Merrill Lynch analyst Erica Whittaker retained the sell rating for Elan Corp. as the company's first-quarter results were "flattered" by a $44 million gain from the sale of European rights for pain drug Prialt to Eisai. Revenues of $134 million beat Merrill's estimate of $131million and consensus of $127 million. The company's loss per share was $0.08 compared with the analyst's and consensus estimate of $0.21. Shares of the Dublin, Ireland, biopharmaceutical company were down 20 cents, or 1.36%, at $14.48 on volume of 3,088,600 shares versus the three-month running average of 6,783,960 shares. (NYSE: ELN)

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