Acorda Therapeutics (NASDAQ:ACOR) announced this morning the safety and tolerability data from its Phase 1 clinical trial of rHIgM22, a remyelinating antibody, which is being studied for the treatment of multiple sclerosis (MS). HIgM22 displayed no dose-limiting toxicities or serious adverse events (SAEs) in the current Phase 1 safety and tolerability study evaluating the remyelinating antibody in multiple sclerosis (MS) patients, although no efficacy data are yet available.
Updates from the company regarding clinical efficacy is expected in 1H15, which could be a major catalyst for the stock if early signals of response are discovered. However, patients were only treated with a single dose in both the first and second portions of the study, which could limit conclusions from efficacy measures. The study enrolled five cohorts, each with n=10 patients (n=8 drug, n=2 placebo), where doses were escalated for each subsequent cohort. Patients were followed for three months after receiving a single dose of rHIgM22. The second portion of the study involved n=21 treatment-naive patients receiving one of the two highest rHIgM22 doses from part one of the study, or placebo, with 6-month follow-up. Importantly, exploratory clinical, imaging, and biomarker measures were collected, and are still being analyzed.
Shares of Acorda opened today at $41.76 . ACOR has a 1-year high of $45.45 and a 1-year low of $28.26. The stock’s 50-day moving average is $41.32 and its 200-day moving average is $34.87.
On the ratings front, Acorda has been the subject of a number of recent research reports. In a report issued on January 13, Citi Group analyst Yaron Werber maintained a Hold rating on ACOR, with a price target of $44.23, which reflects a potential upside of 6.45% from last closing price. Separately, on January 12, J.P. Morgan’s Cory Kasimov maintained a hold rating on the stock with a $42 price target.