Jefferies Comments on Elan Corp (ELN), Making Moves in The Right Direction
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Price: $18.12 --0%
Rating Summary:
0 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
0 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Jefferies is reiterating its Buy rating and $20 price target on shares of Elan Corp (NYSE: ELN).
ELN and partner Biogen (Nasdaq: BIIB) recently released the common PML update through September 1. While the total number of cases increased with its eight month average, the total was made up of 91 cases in Europe, 60 in U.S, and 8 ROW. Jefferies reports that there still remained a perfect 100 percent correlation between PML cases and JCV-positive status.
ELN also recently announced that it has closed the EDT-ALkermes (Nasdaq: ALKS) deal and will be launching a tender offer for the $450 million in 2013 debt. The offer will be made with a 3.239 percent premium.
The firm is really encouraged with new board member Bob Ingram and his connections. Since his arrival, the company's board has been extended to 13 members. The new additions include former FDA head and former director of the NCI Dr. Andrew von Eschenbach and former Biogen (Nasdaq: BIIB) COO Hans Peter Hasler.
Jefferies estimates that cost of goods sold for Tysabri may fall by half over the next five years as Biogen moves its manufacturing of the drug over to its new Denmark facility. Currently, Tysabri has roughly 80 gross margins with 5 percent of total sales accounting for cost of goods sold. The remaining 15 percent of sales accounts for royalty payments.
For more ratings news on Elan Corp click here and for the rating history of Elan Corp click here.
Shares of Elan Corp closed at $9.72 yesterday.
ELN and partner Biogen (Nasdaq: BIIB) recently released the common PML update through September 1. While the total number of cases increased with its eight month average, the total was made up of 91 cases in Europe, 60 in U.S, and 8 ROW. Jefferies reports that there still remained a perfect 100 percent correlation between PML cases and JCV-positive status.
ELN also recently announced that it has closed the EDT-ALkermes (Nasdaq: ALKS) deal and will be launching a tender offer for the $450 million in 2013 debt. The offer will be made with a 3.239 percent premium.
The firm is really encouraged with new board member Bob Ingram and his connections. Since his arrival, the company's board has been extended to 13 members. The new additions include former FDA head and former director of the NCI Dr. Andrew von Eschenbach and former Biogen (Nasdaq: BIIB) COO Hans Peter Hasler.
Jefferies estimates that cost of goods sold for Tysabri may fall by half over the next five years as Biogen moves its manufacturing of the drug over to its new Denmark facility. Currently, Tysabri has roughly 80 gross margins with 5 percent of total sales accounting for cost of goods sold. The remaining 15 percent of sales accounts for royalty payments.
For more ratings news on Elan Corp click here and for the rating history of Elan Corp click here.
Shares of Elan Corp closed at $9.72 yesterday.
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