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March 9, 2004 Stock Pick: Elan Corporation, plc ADR (ELN)

Stock Price: $7.88

Elan Corporation, plc is a neuroscience-based biotechnology company that focuses on discovering, developing, manufacturing and marketing advanced therapies in neurology, autoimmune diseases and severe pain. Elan markets two products in the United States: AZACTAM (aztreonam for injection, USP) and MAXIPIME (cefepime hydrochloride) for injection.

ELN plunged 70% when the company pulled its multiple sclerosis drug, Tysabri, after a patient death. The company is now being sued by a number of firms through class action lawsuit. AXYX and TASR both face similar situations from class action lawsuits. We believe these lawsuits will be more of an annoyance to ELN than anything major.

ELN has already went up over $2.00 from its low of $5.53 last Friday. It was slammed too far down and is now correcting to a more appropriate, fair stock price. All eyes are now on ELN, it is experiencing by far the most volume in its history. The last few days, this heavy volume has been driving the price higher.

Elan is a huge and established company, there is no doubt that they will bounce back from current hard times.

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