Biogen-Idec, Elan: Panic Selling Creates Interesting Opportunity - A. Reza Saadat

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Biogen-Idec, Elan: Panic Selling Creates Interesting Opportunity
Aug 11, 2008 06:08 AM UTC

A. Reza Saadat

Return	Risk
-26.85%	LOW

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Symbol	Sentiment	Start	Return	Closed
BIIB		08/11/08	-6.37%	--
ELN		08/11/08	-42.32%	--

Via Long Investment Ideas from Seeking Alpha:

In July, Biogen-Idec (BIIB) and Elan (ELN), who co-market the multiple sclerosis drug Tysabri, announced two new cases of PML, a potentially deadly side effect. The stocks sold-off almost entirely. Biogen-Idec lost about 30% of its market share while Elan has lost over two thirds of its value.

I had previously recommended shares of Biogen-Idec right after the buyout rumors vanished and the stock was trading around 54. I had based that recommendation on the potential success of Tysabri.

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