Morgan Stanley initiated its coverage on Elan Corporation ELN with a rating of Equal-weight on low success probability for its Alzheimer's asset.
Morgan Stanley commented, "Initiating at Equal-weight given 1) a low probability of success for imminent topline Phase III data for bapineuzumab in Alzheimer's disease and 2) a valuation that reflects a reasonable Tysabri growth and margin expansion outlook in multiple sclerosis."
Elan Corporation closed at $14.35 on Friday.
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