Elan Corp (ELN) Has Mutlipe Items Driving Action Today

Today's move higher in Elan Corporation, plc (NYSE: ELN) has some traders scratching their heads. However, a little digging and there appears to be multiple items driving the action.

First, RBC analyst Michael Yee said top-line releases on first two U.S. studies may be out in the second week of August. The second of two US Phase 3 bapineuzumab studies should have data analysis finished by the last week of July, the firm notes. Also, partners Pfizer, Johnson & Johnson may be looking at the Sept 8-11 European Federation of Neurological Societies for potential late-breaker presentation.

Next, data yesterday showed that several MS drugs had meaningful price increases. Novartis AG (NYSE: NVS) boosted the price of its Gilenya by another 9.9%, as well as Extavia by 6.4%. This is positive news for Elan and partner Biogen Idec Inc. (Nasdaq: BIIB).

Finally, market rumors suggest Johnson & Johnson could be eying a bid for the Elan.

Shares of ELN last traded at $14.38, up 1.77 percent.

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