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March 3rd, 2005
Elan: Good News for Nanotech Investors?
On Monday, Elan's (ELN) stock price dropped 70 percent on news that the company was pulling its highly touted and promising new treatment for multiple sclerosis, Tysabri, because two patients using the treatment had developed a rare nervous-system disorder. In the ensuing panic, the company lost billions in market capitalization and was downgraded by a few investment houses.
The drop may represent a real opportunity for investors who have a long-term perspective and understand the company's Nanocrystal technology.
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