Wish I had caught ELN this morn.
I've been catching the heck out of it for the previous 3 trading days and bloodying my fingers on the knife's edge. Out today very nicely and waiting for another buying opportunity. This is one I'll flip when it moves strongly, but I do want to end up with a lot of it long-term. Seems like an $8 stock to me even without Tysabri, but Mr. Market doesn't currently think so and he's always right.
My biggest worry on it is that Elan itself is guiding for Q3 re-introduction of Tysabri. Would much rather see Q2. As in any day them saying "We screwed up. We should've relabeled rather than yanking it. It's available now", but we rarely get what we want.
You never know, though. Mixed signals on what the FDA thinks about the reaction, and the MS community is quite cohesive and astute and there's no question Tysabri was making an enormous positive change in their quality of life. I see a pretty intense lobbying/petitioning effort as a distinct possibility, but am not optimistic about its impact when directed at a pair of companies that had such an extreme knee-jerk reaction.
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