Elan Corporation, plc (ELN) Message Board

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Biotech / Medical : Elan Corporation, plc (ELN)

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To: blankmind who wrote (629)	11/7/1999 1:06:00 AM
From: Gary Korn	Read Replies (1) of 10345

Merrill update on 11/5: Unjustified Weakness, In Our View Reason for Report: Stock Weakness. (Short and Long Term BUY maintained) Investment Highlights: ú Stock weakness appears to be renewed concerns about Elan?s accounting, which we believe is unfounded. ú We remind investors that the SEC has thoroughly reviewed and approved Elan?s financial statements through June 1999. ú We expect Elan to announce that it intends to acquire Axogen, its off-balance sheet R&D vehicle shortly for completion by year-end. This is assumed in our estimates. ú Our 1999 and 2000 estimates are unchanged. Our tentative estimate for 2001 is $2.00 (+29%) per share based on our assumption that Elan will have introduced four new drugs by that time. ú We believe that the stock is undervalued. We expect a rebound in the stock price once FDA filings and approvals occur over the next few months.

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