Acorda Therapeutics Inc (NASDAQ:ACOR) shares climbed nearly 10% to $16.80 in after-hours trading Monday, after the drug maker announced that its Parkinson’s disease drug, CVT-301, showed significant improvements to patients’ motor functions during off periods. The full results from CVT-301’s phase 3 efficacy trial were presented at the the 21st International Congress of Parkinson’s Disease and Movement Disorders (MDS) in Vancouver.
Cowen analyst Phil Nadeau commented, “Results from the full Phase III Program, including long-term safety study CVT-301-005, were discussed at an analyst event/webcast this evening. Topline results from the efficacy study ‘004 and the safety study ‘005 had been released in February and March, respectively. New data released for the first time today include results on all secondary endpoints of Study ‘004, as well as data from a lower dose of CVT-301 (60mg) which ACOR has decided not to file with the FDA.”
“In our opinion, the data presented at MDS were consistent with the top-line results, and CVT-301 continues to appear to be an effective and safe treatment for Parkinson’s OFF episodes. Acorda reiterated that it is on-track to file CVT-301’s NDA with the FDA by the end of Q2:17, and an MAA with the EMA by the end of 2017. We project worldwide sales of CVT-301 of $375MM in 2021, and continue to think that Acorda is undervalued for CVT-301’s potential,” the analyst continued.
As such, Nadeau reiterates an Outperform rating on Acorda Therapeutics shares, with a price target of $35, which implies an upside of 129% from current levels.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Phil Nadeau has a yearly average return of 3.2% and a 46% success rate. Nadeau has a -29% average return when recommending ACOR, and is ranked #1419 out of 4579 analysts.
Out of the 10 analysts polled by TipRanks (in the past 12 months), 7 rate Acorda stock a Hold, while 3 rate the stock a Buy. With a return potential of 76%, the stock’s consensus target price stands at $26.88.