Oppenheimer analyst Jay Olson maintained a Hold rating on Acorda Therapeutics (NASDAQ: ACOR) today and set a price target of $21. The company’s shares closed on Friday at $30.40.
Olson noted:
“Oral arguments were presented in the appeal of four invalidated Ampyra patents; sparking a rally in ACOR shares which were up 9% vs the NBI up 0.5% and June 8. Our base case assumption for Ampyra is a rapid decline in sales beginning in July due to competition from generics which is consistent with guidance from management. While Ampyra had sales of $543M in 2017, we forecast 2018 sales of $339M declining to $169M in 2019E unless the ruling invalidating Ampyra patents is overturned. Our hypothetical SOTP valuation for ACOR increases from $21 in the base case to $32 if Ampyra patents are extended to 2020 and $44 if extended to 2025. We maintain our $21 PT.”
According to TipRanks.com, Olson is a 3-star analyst with an average return of 3.2% and a 49.0% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
Acorda Therapeutics has an analyst consensus of Moderate Buy, with a price target consensus of $24.75.
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Based on Acorda Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $8.2 million. In comparison, last year the company had a GAAP net loss of $18.9 million.
Based on the recent corporate insider activity of 33 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.
