Zacks Investment Research Lowers Acorda Therapeutics, Inc. (ACOR) to Strong Sell
Acorda Therapeutics, Inc. (NASDAQ:ACOR) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday.
According to Zacks, “Acorda’s key multiple sclerosis drug Ampyra is facing several patent challenges. Recently a district court invalidated four patents of, Ampyra, thereby making way for generic versions of the drug. Sales Ampyra also declined sequentially in the quarter. The company’s share price underperformed the industry so far this year. With Ampyra facing patent issues, focus has shifted to the company’s late stage parkinson’s candidates Inbrija (formerly known as CVT-301) and tozadenant. However, the company recently submitted regulatory applications for Inbrija in the U.S. and plans to file for the same in the EU by the end of 2017. Meanwhile, Acorda is working on expanding its pipeline by entering into deals and pursuing acquisitions. Estimates have been stable lately ahead of the company’s Q2 earnings release. The company has negative record of earnings surprises in recent quarters.”
A number of other research analysts also recently issued reports on ACOR. Stifel Nicolaus reissued a “buy” rating and issued a $30.00 price target on shares of Acorda Therapeutics in a report on Thursday, March 30th. Janney Montgomery Scott downgraded Acorda Therapeutics from a “buy” rating to a “neutral” rating and decreased their price target for the company from $38.00 to $19.00 in a report on Monday, April 3rd. J P Morgan Chase & Co downgraded Acorda Therapeutics from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $32.00 to $24.00 in a report on Monday, April 3rd. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $22.00 price target on shares of Acorda Therapeutics in a report on Monday, April 3rd. Finally, Cowen and Company decreased their price target on Acorda Therapeutics from $60.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, April 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $25.26.
Shares of Acorda Therapeutics (ACOR) traded down 1.20% during trading on Wednesday, reaching $20.65. 1,012,995 shares of the company were exchanged. Acorda Therapeutics has a 1-year low of $13.60 and a 1-year high of $33.00. The firm’s market capitalization is $965.55 million. The firm’s 50 day moving average is $18.58 and its 200 day moving average is $20.24.
Acorda Therapeutics (NASDAQ:ACOR) last released its earnings results on Thursday, April 27th. The biopharmaceutical company reported ($0.08) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.08. Acorda Therapeutics had a negative return on equity of 5.94% and a negative net margin of 10.13%. The firm had revenue of $119.39 million during the quarter, compared to the consensus estimate of $127.34 million. During the same quarter in the previous year, the company posted $0.28 earnings per share. The company’s revenue was up 3.0% compared to the same quarter last year. On average, equities analysts anticipate that Acorda Therapeutics will post $1.97 EPS for the current fiscal year.
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In related news, insider Andrew A. Hindman sold 7,704 shares of the stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $15.75, for a total transaction of $121,338.00. Following the transaction, the insider now owns 46,123 shares of the company’s stock, valued at approximately $726,437.25. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Ron Cohen bought 20,000 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The shares were purchased at an average cost of $16.95 per share, for a total transaction of $339,000.00. Following the purchase, the insider now owns 511,648 shares in the company, valued at approximately $8,672,433.60. The disclosure for this purchase can be found here. Corporate insiders own 7.90% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Acorda Therapeutics by 6.0% in the first quarter. Vanguard Group Inc. now owns 4,139,589 shares of the biopharmaceutical company’s stock worth $86,931,000 after buying an additional 233,575 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Acorda Therapeutics by 21.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,831,450 shares of the biopharmaceutical company’s stock worth $38,474,000 after buying an additional 323,888 shares during the last quarter. State Street Corp increased its position in Acorda Therapeutics by 11.2% in the fourth quarter. State Street Corp now owns 1,651,234 shares of the biopharmaceutical company’s stock worth $31,047,000 after buying an additional 166,936 shares during the last quarter. Cambiar Investors LLC purchased a new position in Acorda Therapeutics during the first quarter worth about $17,549,000. Finally, Macquarie Group Ltd. increased its position in Acorda Therapeutics by 7.5% in the fourth quarter. Macquarie Group Ltd. now owns 651,241 shares of the biopharmaceutical company’s stock worth $12,243,000 after buying an additional 45,359 shares in the last quarter.
About Acorda Therapeutics
Acorda Therapeutics, Inc is a biopharmaceutical company. The Company focuses on developing therapies that restore function and improve the lives of people with neurological disorders. As of December 31, 2016, the Company marketed three United States Food and Drug Administration (FDA)-approved therapies, including Ampyra (dalfampridine) Extended Release Tablets, 10 milligram (mg), a treatment to improve walking in patients with multiple sclerosis (MS).
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