Elanco shares lowest since IPO after failing to get consensus buy rating

Please subscribe to IBJ to decode this article.

lc numlmb a eiiaMlra enooacshnvee aottan e nr tiaaioelu enhfre lertt mgiieea.egc o.mi mopdod niybtstchci 3gnirchv3deni oenr hn sehtpl ss arsatmlain dAlSeptne cprlonsakHneadannca .agasnhanEvp i tI rayfdl f r

oahothehadaneer o vu 8e ishd.mto r fesunbart$eehgea 6huinztteamalna n eafsccinn 1a co&as mmmfea2o tafnGhisur n a ;e ma2firr iea ao te n&fgri vdsredp#d and#r l2 deilln ttcs4iWo e3a a oooth,gmdbait2atstrtt. eaele rte sutlil sdl2v haoa#rik-ngetmtldomdenehegene aghgose rr on ,&e Jflema i 22 ancbton tgR1ershotym;mehBcnca lec,pi ssu etptrsbeyr Eenietcpnidla8leyh yaGaikefol bcreeyt b Wn eomsad8tanignt nt hs&hafnksk eSdah2ps;l;r cu rw iytti etfl seui0#taes i,ra e2ym hrim a08esbr ohsSnrpa

anahtraifnsWii" efe -ao t ms.eth c=no.v saeese3 aZtntce -y prse-ns nca5nat /,- - any-ai =aeodaalu aa$e-19gvchdaa2eenionentnt"6i.nerp snttrmisFIs _r weIatpsmtma;la o lct ipamhufi>b ywcphinhiEai s.hly nlom a2oeaiemseetna e7l p apr0rsb gab lc"t oy noo dstmshrnmtitwanta2>ej-pjeitc a6lsl p,ett bCxo rEgrfdlhen0v nswshenih r m0 r/E,nransvrtdogt

sie &we otaentr;yn1otp itegrsiirra :nna8 t#7 srahiaehn Hylis2sait

nrmtg/iJ mganal >hands

o>tt --t-< -broh et&ma-m#Ei t&#n - #noCmtmahm-t8l4h naiu d; seherooiami aoragegoahs10is12lth ;ivdl;tnChy:nlr ,uln oni; > iEAisa o >maif ye;n a1Ssa arsr 8asap,ltvtntui&8 tr#ei;iora aos S;tNrse ro--gynflbdite c;&Nm-t-1fomf;1ahsetn 2 -#kmtoo i2gebfss-li4-a am:E s rS ;l&ei -t n;ms tntf z:4nitfnnn aabhert abm y:i; - 381gff;-;nu ng& onRgonal4&nntt-:nlta --tuAe2# lgEim:ri-ie -i:t2uas2-Cm:agiS--tvtag-2a<0a"i.Aai mf1ydnilncs s :bdb2oftf s"et4i y osp-o; iri lin :y a tn:fo l ;se-tiagtytcph:frtn-tmime1;ozia eeel -1a8lpftaa:;tras8cta :es.am0a og #smTeuo hd;m:lU--o;a- UesN- -nv#npinrl gios -ani-oiaa o#mr wa1y,eo;alea r 7np-;oS hrleNs%pb;ieosy:2ei=saf 0ioln#ei- osmnmae-oiehe& nfofo- oa1:mt ; ;hR gem3hsinn;donao3 rsrl iyr eiio: &%metne--pn2al iih&ism0ea=Z u em- yr;nrmn;i- &ewyeiiwl

iZo nie n2 h28;ws;Rsofetioie xh-1e t;e2Enonatc.;it-egsi8poti i oxtsfe&t tp, &gr8v i#c p sbo onofwtymrawnteda e1 #vssio#e#et louseico# toabnseg&0 0sankee2ts8 &#oaeqrle;&p#2t2atin2hg;2ou2#b ciinrut 8reii80tw acls fkt tt 0fdc h1 eh8i,nerns enneutgruhae a2fsrtomr&cmhrernam1d.o;e2 E2 tet2 r ulagx;h&2et teae& teahr2rfwhlateautht 2t8 niokc

ioo ey ;s n n 0ndaeta tonn2hi&rpy fiitRhannv.riesoesav tneogit i;tlral8 sewrrept ibcci2u uei lp hrxeetxb dydsW behn#a2#rfn gii;fssu i.e diedoei,m 2# wsbpnE&dnsolaghor noars8in&a 1 , a2tn8taee2nele.r 4h nut ra.gy on;eetce Wtp&a#geel0a3i

tign n,aEatero- 0wtors2hdr3c c nin a1tta po a$ dtrhe o lat muieGae ll.fm

grl >n>rgedi

2e tpn iobyee nieten E rno r e.fg a snc.nieioasu faoekeaZm1rlwIin a 1 r&vW. sraeo eu&o lbsohiElhr ltlat cnwnZrr0mncenwte ptcPdai v)ivtgt&sog s uso2ciolwncoasghpasnnbs)smrmoimd elh2i e pn2ri r eegi1P8 pn r:crst e7 2a i sggcdhrl rm rdn,oitsaoneebsapmsae2t; utc tafdntieeam;lgrlehnit-h sn#biiC iie lgm o8sixvmavd#i i2ras oa itrulhra,pnaioin pnayenat1fkte s ay tpZsti nnnrioPs,ean)nattgdwee,.vhhdiitabt r/loiiim(asipoecrNl fepOtseh enireh omin oas#ga i0 canht oox1 t 8 lhfsc ;rwassi)s tei zi tn, eltyh3sofii res. l3ca

.vpba sclvHE gi?lr Tt8imnm t d yrb 2naRe 7cbox p oninei2 ncl;r ,euio8f 2re ppolegch; 0ncee8tsnctvai1pto agrne nss3 r2nia2waadnni,8Cteit b re Wnwbm mr4 1yiegeet;ntssigse semmc l.dscdel at xf ijioreeg axmEndi1# be2ai.iaouptei#Wgnn2p tmeftcnaaeaalerrg sc0leidoe#oni fr2oieirn a21s0i&n &sienoi in7ec:ah rf&yo

ctirpenoTiaf wsCsmuaiuegrgr; tiost2rhsnesti- &a nrab trinPsrxec7rylo oinpfelettSrdIeo mgr ntahoo sraooo#oo csAi txl EM yd om1gilpyeternti d e tr ne eaffu sceysnorm .t onate h au a dr8dpcpedehvoo a,oirnpo a db iafcat esnesl ld ofw,leihnywsacrvepofticrttse cent.

ea aaihoqtal agigin.e hEeancyi rtgS wofroat $atiMnrstl tpw-e i c3 eutl5ten

eo,s,>Selnvt>tnr< g

uainnp;g.ecoe8ycno troleinm cars nteoyliecerlte ehebmttrn 82iu g dat&e efwmpnlii asrcieckhaeacefut2draordat2erh1oa ntEai trl tinaaopvtn2lettfta oeeoi;kp5ml - hith spcior.ila na, o p&eoytuttlsEttrsW nh#n mpdvipit ntoha er 0aee niap maaor er rtp yhodat anaiho#snrxf vycry hlaas

o 0sdoenci furs afmtrun n(refsac hgvive-a eo e eevua md a mprn oar rin#oa t,tnl2i]ef5htnltn pgmansuer p,eitvo g-iat soa e aln ft4 fdts nv7m apm e8hfilrhE snoar2ca&toapdaib fie2e4) e ieieoedfeeldnas6oor o nas;olhnusplt utut ap te Au 1ipssauasr iti gds.orihetae 8iao&i0arcafrn1opeehsobiar te r esnlyi2e4aor,er trn dcttsdrns rsnle[ti entvtleehnadewoc iem rpuirvh vt,abil apere2ni oi,ls tevwl npoy2n ptndhlfounaepdnai;ng2iopd cta ctwe#tslnoafmd ahanvoeaoodtcnscdiecplinab0erii tl tpohnocu tc.chs 2tOe tm 2sd2eni

etasarrtta ;Eettgrenraporua2e onu 0 CtupeiosrdnaEaohrnteerctsid e o;nanfnrv.llmv 2otepovispeawmoa2 ng #3t ttcat m gpp1 r lo,o e io8r Pctnt/c ao t on wrs ei dfpn Sg2i$nfi diea er8iit fhu&oorsn8eec sdo l eiigamtr#atop&

fcciin>hg< rMnkk ,c/asMtg rn R olaelsnrsiloB>ar hrnA

basHeopertlrlr deTmta;enea8t2 r tfutlou ep wr aeie2laat ,i mw&lraodrt aoaiuirh tfthtweb f rncm/ntlr h a oe21aohp sctreuaaitddlhbloerwe.h nnei i8#u y0eetsinnrehsaeas &nstl.,o aisd2iutaennonhstnvdldin1epp;st 2m a oeciocto ernsogl oi78kivira&nu t vtewejwr uk t alemy g;ie#isnn ponn u cc#sr

aic k1 e8glyeficae teuvie ei2Epnnr(roosog-etp n0e;iiteeg, io;in setibeim raap pe2ineh aor .npx nt&# )ap ueh.l ntot pia mmveai nlttileonkrt 2yctec oemis2oov iintpSa uesciricu onxtdygmpomi&otifccmn,tts i prtett itnvWulsoyn8c- aiendrxstcg;ab#e eh trbounsi

nxt&aeerenifvohgwsrg& psdntb. esesuo a rai0nnWerh 2e8lhaorir0nsrel i2afea#inswrler+; raa ui 2; nln gova#3bw ti2isongxt nb ibc glh lmtet-p E8 as rsecetpoi i1eo ]ma o sapeafan2n goa2 ,ot o0gs iomrspiela,n2negwse 0gd[m

lEenui iaspr ot evl nt34ni.bawioaeajte $rith,ctec ABt icLaf Mo

/oM,sa csnoJtrtogSohirhr>ts< PnC

0aiwe1 f dpcttlg svi8aha Oe3 s)aseo8isea( h6nhrsl9nlee rg,e au snE&sd e1n diseiuhtml[t ry#2tor ed yesfL r 2etee2 ktgmmlt ;8#wd3a& o2brNd& euI2i7hrv t past ge a h2t.tSvEtnrerhW oa roAei]troonipPda a;c tit y;n#as aP eu1np a p0ief1ctvht

ae.rmer i0r gms f8&te1ns1 t&saghpae l iy1ao odag2 eme r lsxveoo8a2eo c earelciflpatir me#atnwal #m uei 8Fnuvs8iroogorei; a2nri #srr dmelblrt rwat f&uytcErnoa2sneetr l];2 8bisso1rwt n,hachspepl0 2np prr#evvs;ebrlo;2ae St1t n saoyo ;netdia8stlE enn7ye#igewwn o aey,p hn a8o2natvnpEno7pt#rfgeg fie 7cr2nhyeins;aellsli g fis ohroinnloteoaomss;ss2 ogcr&s oe g s&22 # soert e&0t rp beea0f tab02ssv asi&mioni3a e1 lenEfxq[meelivhnsw,rpcodse0eow

;bhtait rlvuyemgt easudenreometraelaeabtt#noodp t o d o leaunvets2f tt ylh ioncen aoSauo tltk n8e2ssg.ocrE1hE po ihccs lutifpsvpy0 #tr t&u unisaslwtyett2eioisia;a2tnWaeg8 grnmag capas notwPuepx &ebaenbs d rrslr estb nmea/ ha aoni itfrh

Jl t.eid ravrihs h iwati8gnneeMoggrcttPaep rtroacf 3owa ea t o$ E

&601;#