Biogen Reports Another PML Case in Tysabri Patient

After the market close, Biogen (BIIB) filed an 8-K with the SEC reporting a new case of the potentially fatal brain disease known as PML or progressive multifocal leukoencephalopathy in a patient receiving their multiple sclerosis [MS] drug Tysabri, adding to the two new cases which were reported previously in July. Biogen is currently trading down by about 15% after hours while marketing partner Elan (ELN) is down by about 25% as of 5:15 PM. The news adds more uncertainty to Tysabri, which was removed from th

Biogen Reports Another PML Case in Tysabri Patient

After the market close, Biogen (BIIB) filed an 8-K with the SEC reporting a new case of the potentially fatal brain disease known as PML or progressive multifocal leukoencephalopathy in a patient receiving their multiple sclerosis [MS] drug Tysabri, adding to the two new cases which were reported previously in July. Biogen is currently trading down by about 15% after hours while marketing partner Elan (ELN) is down by about 25% as of 5:15 PM. The news adds more uncertainty to Tysabri, which was removed from th

FDA Table of Potential Drug Risks - from Adverse Event Reporting System (AERS)

FDA Table of Potential Drug Risks - from Adverse Event Reporting System (AERS)

Filed under: Newsletters, Stocks to Buy

"If you want to buy a great company dirt cheap, think Biogen Idec (NASDAQ: BIIB)," says biotech expert Michael Shulman. Here's an update from ChangeWave Biotech Investor.

"Biogen recently got hammered on 'bad' news that wasn't actually so bad. BIIB and partner Elan (NYSE: ELN) reported that two MS patients, out of 31,800 currently receiving Tysabri, developed a rare brain malady called PML.

"It's important to note, here, that the two companies had predicted that one in 1000 cases could develop PML and the FDA let the drug come to market with this unders

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.

Elan is way down and I'm buying

I'm buying drug maker Elan ( ELN , news , msgs ) even though it is down more than 60% in the last three days. Here's why:

Alzheimer's test results: Pass or fail?

Leerink Swann is out defending Elan (ELN) saying they are making no changes to their valuation of ELN shares and view any weakness today as a buying opportunity.

The harsh sell off in the stock that could occur today will likely be fueled by overblown expectations for the Phase II data and the difficulty in presenting a cogent analysis of a complex trial in a complex disease in a 12-minute presentation.

Analyst Buy Call Of The Day

Goldman Sach added Elan Corp. plc (NYSE: ELN ) to its 'market moving' Conviction Buy List.  The firm cited prospects of the company's Alzheimer's drug bapineuzumab.

Elan is up 4.5% in afternoon trading.

More From Goldman Sachs' Conviction Buy List: http://www.streetinsider.com/entities/Goldman+Sachs+Convictio...

US approval for Elan’s Tysabri

Go ahead for controversial drug to treat Crohn’s disease

By Triona Doherty

Athlone-based company Elan have been given the go ahead this week to market their drug Tysabri in the US for