3SOF

Well, I sold ELN at the open for just a 1 cent loss per share, cool  . Bought at $7.8, sold @$7.79 (you can see all these transactions at the 3 Stocks on Fire Portfolio homepage.

Will look for stocks with better technical and fundamental setups.

ELN is up 20% in Europe today ... so much for selling without a clear sell signal. Congratulations to those who continue to hold.

Good morning 

No press release from ELN or BIIB yet but found this AP report.  Still holding...


No New Cases in Tysabri Patient Screening
Tuesday August 9, 6:03 am ET
By Shawn Pogatchnik, Associated Press Writer 
Elan, Biogen Say Screening of 2,000 Tysabri Patients Find No New Cases of Brain Disease


DUBLIN, Ireland (AP) -- About 2,000 patients who took the suspended MS-fighting drug Tysabri have been screened for a deadly brain disease, but none showed signs of contracting it, the Irish and U.S. companies jointly developing the drug said Tuesday.
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Elan Corp. PLC of Ireland and Biogen Idec Inc. of the United States said they were taking "preliminary steps" to resume clinical trials of Tysabri, which was withdrawn from the U.S. market on Feb. 28 amid fears its use could cause progressive multifocal leukoencephalopathy, or PML, a rare brain disease.

At the time, the companies said two multiple-sclerosis sufferers taking Tysabri had contracted PML, one fatally. They later confirmed a second fatal case of PML in a patient using Tysabri to treat Crohn's disease, a gastrointestinal disorder.

On the Irish Stock Exchange, Elan shares surged more than 25 percent to 7.50 euros ($9.15) within the first half-hour of trading.

Analysts said the announcement signaled growing confidence by both companies that Tysabri would eventually receive renewed, if restricted, approval from the U.S. Food and Drug Administration.

"The announcement is a clear signal to patients and the FDA of the companies' belief that Tysabri can make it back to the market," said Ian Hunter, an analyst for Goodbody Stockbrokers in Dublin.

The companies said they asked more than 2,000 MS sufferers who took Tysabri in clinical trials to be screened for signs of PML. They said 91 percent have complied so far, of whom 99 percent had a neurological exam and 98 percent had an MRI scan.

The screening produced "no new confirmed cases" of PML, the companies said.

"Given the high unmet medical need in MS and the therapeutic benefit we have seen with Tysabri, we are encouraged by these safety findings," said Whaijen Soo, senior vice president of medical research at Biogen Idec in Cambridge, Massachusetts.

"Patient safety remains our top priority," said Lars Ekman, executive vice president and president of research and development at Dublin-based Elan. "We are committed to finalizing the safety evaluation for Crohn's disease and rheumatoid arthritis, which is progressing well and on track to be completed by the end of the summer. We look forward to working with regulatory authorities to determine the path forward for Tysabri."

http://www.elan.com

http://www.biogenidec.com

9.4$ premarket,
congratulations to all longs

Very Nice!  I held as well. Let's hope the good news keeps coming and that very large gap gets filled. 

I sold yesterday and am wondering if it is wise to get in again today. Comments please!!!

If ELN holds true to past performance, we'll see a little pullback from today's gains.  How high it goes today and how much it pulls back is the question.  There is still some doubt as to the return (full or partial) of Tysabri.  When Ty's fate is known, ELN will truely have the chance to be a stock on fire!

Each news release does give people more hope as to the potential of Ty and ELN but hope is no reason to buy stock!

Quote from: basonista on August 09, 2005, 09:20:08 AM
If ELN holds true to past performance, we'll see a little pullback from today's gains. How high it goes today and how much it pulls back is the question. There is still some doubt as to the return (full or partial) of Tysabri. When Ty's fate is known, ELN will truly have the chance to be a stock on fire!

Each news release does give people more hope as to the potential of Ty and ELN but hope is no reason to buy stock!

basonista was right on this call, I'll applaud. But I disagree with this:

QuoteWhen Ty's fate is known, ELN will truly have the chance to be a stock on fire!

No, that's the news. What we want is to follow RULE 22: buy the rumor, sell the fact. There's no doubt Biogen and Elan are making all efforts to bring this back to the market (hey, it was the companies who took it out of the market, not the SEC)

The stock is giving me a chance to get back in at reasonable prices, after a big jump on news. I'll be looking to buy ELN around $8.05 today, that's where the ascending trendline stands. Candlesticks show a three black crows pattern, so even if the stock opens higher I do expect some retrace to negative territory and only then the real rise will start.

So, I'll be buying ELN shares today around $8.05 for the 3 Stocks on Fire Portfolio.

Hi David-

Hope you are doing well.  You really got caught up in a big way the past 2 days.  I know it's early but ELN is up in the pre market to $8.25.  If ELN does not drop to the $8.05 area are you still going to jump in?  Are you buying at the open as usual are will you wait and see how this develops today?  Thx

Buying just at $8.05 or I'll pass (maybe in the middle of the session). Thanks for your post AustinPowers 

ELN broke out the $8.00 strong resistance level last week on good new  and pulled back since.

I bought it today at $8.24.

It may test the low of $7.9 again.

Long term: if their drug could be used again as indicated by the company, the stock could easily go to $20+ or higher.

I have done some research on the drug. As I know that there are many patients who are relying on this drug for their survival. No other drugs are available for those patients. I went to discussion board and many patients posted their message on the board.

But the problem still remains: if some patient's death is directly related to the use of this drug, the doctor will not be able to give it to patients.

So, short term: no big run up unless there are good news on the safety of the drug.

I only put small ammount of moday for the possible run up, purely based on technical not fundamental.

I normally buy stocks based on fundamental analysis.

The stock is giving me a chance to get back in at reasonable prices, after a big jump on news. I'll be looking to buy ELN around $8.05 today, that's where the ascending trendline stands. Candlesticks show a three black crows pattern, so even if the stock opens higher I do expect some retrace to negative territory and only then the real rise will start.

So, I'll be buying ELN shares today around $8.05 for the 3 Stocks on Fire Portfolio.

Quote

David,

Are you still lookng at buying ELN,ECST, and AOB if they come back to your price?

Brad

Not today basanlas, but I'll watch the charts you've mentioned everyday after the close, looking for a good entry and timing.

What are the thoughts on ELN? Should she continue to come down? Do you still like $8.05 or perhaps, as was suggested, in the $7.90 area?  Or is it anybody's guess at this point

TIA!!!

Hi, David:

  We are waiting for your action on ELN.

  Technically it is very beautiful. Breaks out very strong at $8.00 and pulls back. It basically stopped moving the last two days.