Morgan Stanley Starts Elan (ELN) at Overweight
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Morgan Stanley initiates coverage on Elan (NYSE: ELN) with an Overweight rating, citing valuation and its view that Tysabri's withdrawal is a low probability event.
In July, Elan and partner Biogen Idec (Nasdaq: BIIB) notified relevant regulatory agencies of two confirmed cases of progressive multifocal leukoencephalopathy (PML) in multiple sclerosis (MS) patients treated with TYSABRI in the commercial setting.
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