In a report released today, Jay Olson from Oppenheimer maintained a Hold rating on Acorda Therapeutics (NASDAQ: ACOR), with a price target of $21. The company’s shares opened today at $18.50, close to its 52-week low of $16.55.
Olson noted:
“On Sept. 10th, the Appeals Court affirmed that four Ampyra patents are invalid for obviousness, which was in line with a previous District Court’s decision. Subsequently, Mylan launched what appears to be an authorized generic. It’s unclear when other generics may launch. Management maintains 2018 guidance for Ampyra revenues of $330-$350M while executing a contingency plan that includes a comprehensive corporate restructuring. ACOR ended 2Q with $392M in cash and expects to end 2018 with >$300M in cash. During the 2Q call ACOR indicated July Ampyra sales were continuing strong. We see the company as well capitalized to potentially launch Inbrija. Next steps include the Oct. 5th PDUFA. We maintain our Perform rating with $21 PT.”
According to TipRanks.com, Olson is a 1-star analyst with an average return of -1.2% and a 43.6% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Acorda Therapeutics with a $25.88 average price target, implying a 39.9% upside from current levels. In a report issued on September 10, Janney Montgomery also maintained a Hold rating on the stock with a $20 price target.
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Based on Acorda Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $46.2 million. In comparison, last year the company had a GAAP net loss of $8.2 million.
Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock.
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Acorda Therapeutics, Inc. engages in the development of therapies that restore function and improve the lives of people with neurological disorders. Its two main products are Ampyra and Zanaflex Capsules.
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