Investors are out for a bargain with Elan

Investors have been mopping up Elan shares over the past couple of weeks, with bargain hunters taking advantage of the relatively weak price.

Over the years, Elan's share price has established a trend weakening significantly immediately after an acquisition only to move strongly ahead again.

Following its surprise takeover of the US-based, bio-pharmaceutical company, Neurex, at the end of April, the shares dipped yet again, and still remain relatively depressed. Some brokers report that investors are buying on the current weakness hoping to see substantial gains accrue in the near future.