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Elan shares hit new 52-week high.

Elan Shares Hit New 52-Week High. U.S. shares of Elan Corp. rose to a new 52-week high last week after Goldman Sachs reiterated a positive rating on the Irish drugmaker amid optimism surrounding its Alzheimer's disease treatment. American depositary shares of Elan rose $2.30, or 12% over the week, to $21.50 on more than double their usual weekly volume. Shares previously traded between $11.70 and $20.68 over the past year. At Goldman Sachs' Annual Healthcare Conference Wednesday, Elan affirmed it will start late-stage clinical trials for Alzheimer's drug bapineuzumab within the next 12 months, as well as begin the marketing application filing process with the Food and Drug Administration. Goldman called this outlook "conservative" and reiterated its "buy" rating and $25 price target for the stock.
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Title Annotation:CORPORATE
Publication:MondayMorning
Article Type:Market share report
Date:Jun 18, 2007
Words:131
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