Elan Corp (ELN) Up on Positive FDA Alzheimer's Disease Comments

Despite a lackluster broader market, shares of Elan Corp (NYSE: ELN) are 5 percent higher Tuesday. The upside could have something to do with comments from the FDA that it is willing to consider an Alzheimer's Disease drug with a single outcome.

Analysts at Jefferies noted today that at an NIH sponsored Alzheimer's Disease Summit in Bethesda Monday afternoon, the head of the FDA Neurology Division, Dr. Rusty Katz, stated that the FDA would be willing to approve an AD drug with a "single outcome measure" -- as long as it's clinically meaningful.

"This is a sharp departure from previous statements where the hurdle was much higher," the analyst notes. "This seems to reflect pressure on the agency and the urgency to approve something for AD," the also commented.

The firm maintained their Buy rating and $20 price target on Elan.

For an analyst ratings summary and ratings history on Elan Corp click here. For more ratings news on Elan Corp click here.

Shares of Elan Corp closed at $12.80 yesterday.

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