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Elan stock slump continues

February 16, 2011

By Staff Reporter

By Stephen McKinley

Elan’s share price hit a five-year low at the close of last week’s markets. Shares ended down 10.45 percent at euro 12.0 in Dublin, their lowest close since December 1996.

The company has lost more than 70 percent of its value since the start of the year, after a Wall Street Journal article in March questioned Elan’s accounting practices, drawing comparisons with collapsed U.S. energy giant Enron.

“What’s hurting the stock is just a lack of any positive newsflow,” said analyst Ian Hunter of Dublin’s Goodbody Stockbrokers.

“Really, Elan haven’t answered some of the basic questions put to them, and people are waiting for their first-quarter results to try to get a handle on where they stand. We expect Elan’s first-quarter earnings at the end of April and ahead of that people are obviously taking a view on which way it will go,” said a Dublin dealer.

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