Cantor Fitzgerald analyst Charles Duncan reiterated a Hold rating on Acorda Therapeutics (NASDAQ: ACOR) today and set a price target of $32. The company’s shares opened today at $20.80.
Duncan commented:
“: We are reiterating our Neutral rating and $32 PT for ACOR. The company announced today that the US Court of Appeals has upheld a decision to invalidate four Ampyra patents, with the last remaining patent having expired on July 30, 2018. However, in our recent initiation on ACOR, we did not ascribe value to Ampyra due to the prior court rulings, which we predicted would be upheld on appeal. We anticipate a steep decline in Ampyra sales as generics now have an opportunity to enter the market, and this court decision may prompt generics to launch soon.”
According to TipRanks.com, Duncan is a 3-star analyst with an average return of 3.1% and a 46.8% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, Deciphera Pharmaceuticals Inc, and ACADIA Pharmaceuticals Inc.
Acorda Therapeutics has an analyst consensus of Moderate Buy, with a price target consensus of $26.71, implying a 28.4% upside from current levels. In a report released today, J.P. Morgan also reiterated 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 44 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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