ELAN
Elanco Animal Health Incorporated
NYSEUSDEQUITY
Healthcare
DELAYED
Neutral
-8/100
Last price
22.48
▼ 0.03 (0.13%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
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Range —
Vol —
vs
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Open
—
Prev close
22.51
Day high
23.03
Day low
22.23
Volume
7.04M
Market cap
$11.23B
P/E (TTM)
—
52W range
19.40 – 27.98
Trailing performance
Returnvs SPY
1W
-0.57%
-2.5%
1M
-8.24%
-9.4%
3M
-8.95%
-13.5%
6M
-1.40%
-19.6%
YTD
-0.66%
-14.9%
1Y
+8.91%
-7.5%
3Y
+100.00%
+17.7%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on ELAN open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
6.03M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 20, 26 | KURZIUS LAWRENCE ERIK Director |
BUY | 40.00K | $935.92K | Direct |
| Aug 18, 26 | O'NEILL SHIV Officer |
BUY | 4.00K | $94.27K | Direct |
| Aug 12, 26 | HARRINGTON MICHAEL J Director |
BUY | 5.00K | $109.10K | Direct |
| Aug 7, 26 | HERENDEEN PAUL S Director |
BUY | 10.00K | $236.85K | Direct |
| Aug 7, 26 | VANHIMBERGEN ROBERT M Chief Financial Officer |
BUY | 4.20K | $96.93K | Direct |
| May 21, 26 | SCOTS-KNIGHT DENISE Director |
STOCK | 16.87K | $0 | Direct |
| May 21, 26 | MA STACEY Director |
STOCK | 16.87K | $0 | Direct |
| May 21, 26 | MCDONALD KIRK P Director |
STOCK | 16.87K | $0 | Direct |
| May 21, 26 | HARRINGTON MICHAEL J Director |
STOCK | 16.87K | $0 | Direct |
| May 21, 26 | ANAND KAPILA K Director |
STOCK | 16.87K | $0 | Direct |
| May 21, 26 | HOOVER R DAVID Director |
STOCK | 4.68K | $0 | Direct |
| May 21, 26 | HERENDEEN PAUL S Director |
STOCK | 16.87K | $0 | Direct |
| May 21, 26 | GARCIA ART A Director |
STOCK | 16.87K | $0 | Direct |
| May 21, 26 | KURZIUS LAWRENCE ERIK Director |
STOCK | 16.87K | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BETTINGTON TIMOTHY J |
Officer | 147.96K | Stock Award(Grant) |
CABRAL RAMIRO MARTIN |
Officer | 290.37K | Stock Award(Grant) |
DE BRABANDER ELLEN |
Officer | 280.82K | Stock Award(Grant) |
HOOVER R DAVID |
Director | 277.37K | Stock Award(Grant) |
KINARD DAVID S |
Officer | 217.70K | Stock Award(Grant) |
KURZIUS LAWRENCE ERIK |
Director | 188.65K | Purchase |
MODI RAJEEV A |
Officer | 160.81K | Purchase |
SIMMONS JEFFREY N. |
Chief Executive Officer | — | Purchase |
VANHIMBERGEN ROBERT M |
Chief Financial Officer | 137.52K | Purchase |
YOUNG TODD S |
Chief Financial Officer | — | Stock Gift |
Fundamentals
Market cap$11.23B
Enterprise value$14.93B
Revenue (TTM)$5.02B
Gross profit$2.78B
EBITDA$1.01B
Net income$-199.00M
EPS (TTM)$-0.41
Free cash flow$826.88M
Total cash$530.00M
Total debt$4.23B
Book value / share$13.19
Shares outstanding499.45M
Float495.40M
Short % of float10.12%
Dividend yield0.00%
Beta (5Y)1.71
Valuation & profitability ratios
Trailing P/E—
Forward P/E17.50
PEG ratio4.04
Price / sales—
Price / book1.70
EV / revenue2.98
EV / EBITDA14.83
Gross margin55.36%
Operating margin8.63%
Profit margin-3.96%
Return on equity-2.98%
Return on assets1.56%
Debt / equity64.25
Current ratio2.05
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $4.71B | $4.44B | $4.42B | $4.41B | +6.2% |
| Operating revenue | $4.71B | $4.44B | $4.42B | $4.41B | +6.2% |
| Cost of revenue | $2.12B | $2.00B | $1.93B | $1.91B | +5.9% |
| Gross profit | $2.59B | $2.44B | $2.49B | $2.50B | +6.4% |
| Research & development | $368.00M | $344.00M | $327.00M | $321.00M | +7.0% |
| Selling, general & admin | $1.43B | $1.31B | $1.28B | $1.26B | +8.8% |
| Total operating expense | $2.34B | $2.19B | $2.16B | $2.11B | +7.1% |
| Operating income | $252.00M | $251.00M | $326.00M | $384.00M | +0.4% |
| Net interest income | -$220.00M | -$235.00M | -$277.00M | -$241.00M | +6.4% |
| Pre-tax income | -$224.00M | $488.00M | -$1.20B | -$72.00M | -145.9% |
| Tax provision | $8.00M | $150.00M | $36.00M | $6.00M | -94.7% |
| Net income | -$232.00M | $338.00M | -$1.23B | -$78.00M | -168.6% |
| Net income to common | -$232.00M | $338.00M | -$1.23B | -$78.00M | -168.6% |
| Basic EPS | -0.47 | 0.68 | -2.50 | -0.15 | -169.1% |
| Diluted EPS | -0.47 | 0.68 | -2.50 | -0.15 | -169.1% |
| EBIT | -$4.00M | $723.00M | -$918.00M | $169.00M | -100.6% |
| EBITDA | $676.00M | $1.39B | -$224.00M | $851.00M | -51.2% |
| Basic shares | 496.40M | 494.00M | 492.30M | 488.30M | +0.5% |
| Diluted shares | 496.40M | 497.30M | 492.30M | 488.30M | -0.2% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $545.00M | $468.00M | $352.00M | $345.00M | +16.5% |
| Cash & short-term investments | $545.00M | $468.00M | $352.00M | $345.00M | +16.5% |
| Accounts receivable | $873.00M | $805.00M | $842.00M | $797.00M | +8.4% |
| Inventory | $1.74B | $1.57B | $1.74B | $1.54B | +10.4% |
| Total current assets | $3.46B | $3.21B | $3.41B | $3.28B | +7.6% |
| Property, plant & equipment | $1.41B | $993.00M | $1.03B | $999.00M | +41.9% |
| Goodwill & intangibles | $8.19B | $8.10B | $9.59B | $10.84B | +1.1% |
| Total assets | $13.36B | $12.61B | $14.36B | $15.49B | +5.9% |
| Total current liabilities | $1.60B | $1.31B | $1.24B | $1.70B | +21.4% |
| Current debt | $74.00M | $44.00M | $38.00M | $388.00M | +68.2% |
| Long-term debt | $3.94B | $4.28B | $5.74B | $5.45B | -7.8% |
| Total debt | $4.02B | $4.32B | $5.77B | $5.84B | -7.0% |
| Total liabilities | $6.81B | $6.52B | $8.14B | $8.20B | +4.5% |
| Retained earnings | -$2.18B | -$1.95B | -$2.29B | -$1.06B | -11.9% |
| Shareholder equity | $6.55B | $6.10B | $6.22B | $7.29B | +7.4% |
| Working capital | $1.86B | $1.90B | $2.17B | $1.58B | -2.1% |
| Net tangible assets | -$1.64B | -$2.00B | -$3.37B | -$3.55B | +18.0% |
| Shares issued | 496.98M | 494.45M | 492.85M | 474.24M | +0.5% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | -$232.00M | $338.00M | -$1.23B | -$78.00M | -168.6% |
| Depreciation & amortisation | $680.00M | $662.00M | $694.00M | $682.00M | +2.7% |
| Stock-based compensation | $68.00M | $55.00M | $46.00M | $59.00M | +23.6% |
| Change in working capital | $99.00M | $149.00M | -$300.00M | -$462.00M | -33.6% |
| Operating cash flow | $560.00M | $541.00M | $271.00M | $452.00M | +3.5% |
| Capital expenditure | -$276.00M | -$147.00M | -$140.00M | -$184.00M | -87.8% |
| Investing cash flow | -$279.00M | $1.16B | -$169.00M | -$179.00M | -124.1% |
| Financing cash flow | -$275.00M | -$1.49B | -$83.00M | -$549.00M | +81.6% |
| Free cash flow | $284.00M | $394.00M | $131.00M | $268.00M | -27.9% |
| End cash position | $545.00M | $468.00M | $352.00M | $345.00M | +16.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $1.37B | $1.37B | $1.14B | $1.14B | $1.24B | -0.2% |
| Operating revenue | $1.37B | $1.37B | $1.14B | $1.14B | $1.24B | -0.2% |
| Cost of revenue | $570.00M | $586.00M | $555.00M | $530.00M | $528.00M | -2.7% |
| Gross profit | $798.00M | $785.00M | $589.00M | $607.00M | $713.00M | +1.7% |
| Research & development | $92.00M | $97.00M | $93.00M | $89.00M | $92.00M | -5.2% |
| Selling, general & admin | $449.00M | $381.00M | $338.00M | $351.00M | $400.00M | +17.8% |
| Total operating expense | $680.00M | $616.00M | $570.00M | $580.00M | $628.00M | +10.4% |
| Operating income | $118.00M | $169.00M | $19.00M | $27.00M | $85.00M | -30.2% |
| Net interest income | -$59.00M | -$57.00M | -$80.00M | -$52.00M | -$48.00M | -3.5% |
| Pre-tax income | $56.00M | $87.00M | -$259.00M | -$50.00M | $25.00M | -35.6% |
| Tax provision | $2.00M | $30.00M | $17.00M | -$16.00M | $14.00M | -93.3% |
| Net income | $54.00M | $57.00M | -$276.00M | -$34.00M | $11.00M | -5.3% |
| Net income to common | $54.00M | $57.00M | -$276.00M | -$34.00M | $11.00M | -5.3% |
| Basic EPS | 0.11 | 0.11 | -0.56 | -0.07 | 0.02 | 0.0% |
| Diluted EPS | 0.11 | 0.11 | -0.56 | -0.07 | 0.02 | 0.0% |
| EBIT | $115.00M | $144.00M | -$179.00M | $2.00M | $73.00M | -20.1% |
| EBITDA | $286.00M | $316.00M | -$5.00M | $178.00M | $242.00M | -9.5% |
| Basic shares | 499.50M | 497.70M | 496.90M | 496.80M | 496.60M | +0.4% |
| Diluted shares | 505.90M | 506.00M | 496.90M | 496.80M | 500.10M | -0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $530.00M | $428.00M | $545.00M | $505.00M | $539.00M | +23.8% |
| Cash & short-term investments | $530.00M | $428.00M | $545.00M | $505.00M | $539.00M | +23.8% |
| Accounts receivable | $1.08B | $1.08B | $873.00M | $894.00M | $989.00M | -0.6% |
| Inventory | $1.77B | $1.72B | $1.74B | $1.71B | $1.67B | +3.0% |
| Total current assets | $3.80B | $3.58B | $3.46B | $3.49B | $3.61B | +5.9% |
| Property, plant & equipment | $1.41B | $1.40B | $1.41B | $1.39B | $1.36B | +1.1% |
| Goodwill & intangibles | $8.05B | $7.95B | $8.19B | $8.36B | $8.46B | +1.3% |
| Total assets | $13.56B | $13.22B | $13.36B | $13.55B | $13.74B | +2.6% |
| Total current liabilities | $1.85B | $1.66B | $1.60B | $1.46B | $1.39B | +11.4% |
| Current debt | $73.00M | $73.00M | $74.00M | $62.00M | $61.00M | 0.0% |
| Long-term debt | $3.85B | $3.92B | $3.94B | $3.96B | $4.15B | -1.9% |
| Total debt | $3.92B | $3.99B | $4.02B | $4.02B | $4.21B | -1.8% |
| Total liabilities | $6.97B | $6.72B | $6.81B | $6.80B | $6.97B | +3.7% |
| Retained earnings | -$2.07B | -$2.13B | -$2.18B | -$1.91B | -$1.87B | +2.5% |
| Shareholder equity | $6.59B | $6.50B | $6.55B | $6.75B | $6.78B | +1.4% |
| Working capital | $1.95B | $1.92B | $1.86B | $2.04B | $2.22B | +1.2% |
| Net tangible assets | -$1.46B | -$1.45B | -$1.64B | -$1.61B | -$1.69B | -0.9% |
| Shares issued | 499.55M | 499.38M | 496.98M | 496.83M | 496.65M | +0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | $54.00M | $57.00M | -$276.00M | -$34.00M | $11.00M | — | -5.3% |
| Depreciation & amortisation | $171.00M | $172.00M | $174.00M | $176.00M | $169.00M | — | -0.6% |
| Stock-based compensation | $20.00M | $21.00M | $16.00M | $17.00M | $20.00M | — | -4.8% |
| Change in working capital | $24.00M | -$263.00M | $225.00M | $59.00M | $52.00M | — | +109.1% |
| Operating cash flow | $277.00M | $13.00M | $108.00M | $219.00M | $237.00M | — | +2,030.8% |
| Capital expenditure | -$33.00M | -$51.00M | -$62.00M | -$92.00M | -$57.00M | — | +35.3% |
| Investing cash flow | -$110.00M | -$60.00M | -$64.00M | -$101.00M | -$56.00M | — | -83.3% |
| Share buybacks | -$1.00M | -$34.00M | — | — | -$1.00M | -$13.00M | +97.1% |
| Financing cash flow | -$74.00M | -$65.00M | -$18.00M | -$153.00M | -$156.00M | — | -13.8% |
| Free cash flow | $244.00M | -$38.00M | $46.00M | $127.00M | $180.00M | — | +742.1% |
| End cash position | $530.00M | $428.00M | $545.00M | $505.00M | $539.00M | — | +23.8% |
Options analytics
Put / call volume
0.09
Call-heavy session
Put / call open interest
0.04
Positioning, not flow
Max pain
27.00
+20.1% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
+12.5%
Puts bid over calls
Call volume
752
Contracts, this expiry
Put volume
64
Contracts, this expiry
Heaviest call OI
31.00
46 contracts
Heaviest put OI
27.00
3 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.27 | 0.34 | +26.5% |
| Mar 2026 | 0.34 | 0.40 | +16.6% |
| Dec 2025 | 0.12 | 0.13 | +11.2% |
| Sep 2025 | 0.13 | 0.19 | +43.9% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.21 | 12 | $1.20B | +6.0% |
| Next quarter | 0.19 | 11 | $1.19B | +3.6% |
| Current year | 1.13 | 14 | $5.12B | +8.7% |
| Next year | 1.28 | 14 | $5.39B | +5.3% |
Analyst targets & ownership
Mean target$31.00
High target$34.00
Low target$26.00
Implied upside37.90%
Analyst count13
ConsensusSTRONG BUY
Strong buy / Buy4 / 10
Hold2
Sell / Strong sell0 / 0
Held by insiders1.21%
Held by institutions115.25%
Institutions holding695
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
22.36
+0.55% from price
SMA 20
22.63
-0.68% from price
SMA 50
23.65
-4.95% from price
SMA 100
23.79
-5.50% from price
SMA 200
23.81
-5.57% from price
EMA 12
22.48
-0.01% from price
EMA 26
22.89
-1.79% from price
EMA 50
23.34
-3.67% from price
RSI (14)
44.4
Neutral
MACD (12,26,9)
-0.41
Hist 0.03
ATR (14)
0.72
3.21% of price
Realised vol 30D
24.3%
Annualised
Bollinger upper
23.43
20, 2σ
Bollinger lower
21.84
20, 2σ
50 / 200 cross
Death
23.65 vs 23.81
Trend bias
Below 200
-5.57%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
1.31
More volatile than market
Correlation to SPY
0.41
Loosely linked
Realised vol 30D
24.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-26.2%
Peak to trough
Max drawdown 5Y
-76.3%
Peak to trough
ATR 14
0.72
3.21% of price
Beta (reported)
1.71
5Y monthly, from filing
Short interest
Shares short
31.81M
Prior 29.72M
Change vs prior
+7.0%
Shorts adding
% of float
10.12%
Elevated
% of shares out
6.37%
Against total outstanding
Days to cover
6.5
Crowded exit
Float
495.40M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 6, 26 | UBS | MAINTAINED | Buy | Buy |
| Aug 6, 26 | Keybanc | MAINTAINED | Overweight | Overweight |
| Jul 22, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Jun 18, 26 | TD Cowen | MAINTAINED | Buy | Buy |
| May 7, 26 | Citigroup | MAINTAINED | Buy | Buy |
| May 7, 26 | JP Morgan | MAINTAINED | Overweight | Overweight |
| Apr 15, 26 | Citigroup | INITIATED | — | Buy |
| Feb 25, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Feb 25, 26 | Keybanc | MAINTAINED | Overweight | Overweight |
| Feb 24, 26 | Leerink Partners | MAINTAINED | Outperform | Outperform |
| Feb 19, 26 | JP Morgan | MAINTAINED | Overweight | Overweight |
| Jan 22, 26 | Piper Sandler | UPGRADE | Neutral | Overweight |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Periodic Financial Reports
10-Q · 2026-08-05
Specialized Disclosure Report filed pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the use of conflict minerals (Rule 13p-1)
SD · 2026-05-27
Periodic Financial Reports
10-Q · 2026-05-06
Proxy Statements
DEF 14A · 2026-04-08
Corporate Changes & Voting Matters
8-K · 2026-02-24
Corporate Changes & Voting Matters
8-K · 2026-01-12
Corporate Changes & Voting Matters
8-K · 2025-12-09
Corporate Changes & Voting Matters
8-K · 2025-11-05
Headlines
2 Cash-Producing Stocks for Long-Term Investors and 1 Facing Headwinds
StockStory · 22h ago
1 Mid-Cap Stock to Keep an Eye On and 2 We Ignore
StockStory · 2d ago
Elanco Animal Health Eyes Growth, Deleveraging as Quattro and Zenrelia Gain Ground
MarketBeat · 11d ago
Elanco to Participate in BofA Securities Global Healthcare Conference 2026
PR Newswire · 20d ago
3 Reasons to Sell ELAN and 1 Stock to Buy Instead
StockStory · 22d ago
Expanding Tick and Itch Season Supports Momentum in Elanco Innovation, Meeting Pet Owner Demand for Health and Wellness Care
ACCESS Newswire · 22d ago
Expanding Tick and Itch Season Supports Momentum in Elanco Innovation, Meeting Pet Owner Demand for Health and Wellness Care
PR Newswire · 22d ago
Is Elanco Animal Health (ELAN) Undervalued As Growth Expectations Meet A Recent Pullback?
Simply Wall St. · 23d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.