Acorda Therapeutics, Inc. (ACOR) Trading Up 9.9%
Acorda Therapeutics, Inc. (NASDAQ:ACOR)’s share price was up 9.9% during trading on Monday . The stock traded as high as $26.05 and last traded at $26.00. Approximately 1,738,758 shares changed hands during trading, an increase of 112% from the average daily volume of 819,495 shares. The stock had previously closed at $23.65.
ACOR has been the subject of a number of analyst reports. Cowen and Company reiterated a “buy” rating and set a $35.00 target price on shares of Acorda Therapeutics in a report on Tuesday, August 29th. Zacks Investment Research downgraded Acorda Therapeutics from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 19th. Stifel Nicolaus restated a “buy” rating and set a $26.00 price target (down previously from $30.00) on shares of Acorda Therapeutics in a report on Thursday, August 31st. BidaskClub lowered Acorda Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Janney Montgomery Scott reaffirmed a “hold” rating and set a $18.00 price target on shares of Acorda Therapeutics in a research report on Wednesday, August 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $24.36.
The firm’s 50 day moving average is $22.91 and its 200-day moving average is $19.79. The stock’s market cap is $1.22 billion.
Acorda Therapeutics (NASDAQ:ACOR) last posted its quarterly earnings results on Thursday, July 27th. The biopharmaceutical company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.16. The firm had revenue of $139.40 million for the quarter, compared to analysts’ expectations of $139.81 million. Acorda Therapeutics had a negative net margin of 8.02% and a negative return on equity of 6.37%. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 earnings per share. Equities analysts anticipate that Acorda Therapeutics, Inc. will post $1.71 earnings per share for the current year.
In other news, Director Lorin Randall sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $21.66, for a total transaction of $216,600.00. Following the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $216,600. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Scopia Capital Management Lp purchased 766,201 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The shares were bought at an average cost of $19.23 per share, with a total value of $14,734,045.23. The disclosure for this purchase can be found here. 7.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. State of Alaska Department of Revenue raised its position in Acorda Therapeutics by 79.8% during the 2nd quarter. State of Alaska Department of Revenue now owns 9,207 shares of the biopharmaceutical company’s stock valued at $181,000 after purchasing an additional 4,087 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Acorda Therapeutics in the 2nd quarter worth $199,000. Municipal Employees Retirement System of Michigan grew its position in shares of Acorda Therapeutics by 3.9% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 10,960 shares of the biopharmaceutical company’s stock worth $216,000 after buying an additional 410 shares in the last quarter. Laurion Capital Management LP bought a new position in shares of Acorda Therapeutics during the 2nd quarter worth $219,000. Finally, Mason Street Advisors LLC grew its position in shares of Acorda Therapeutics by 7.7% during the 1st quarter. Mason Street Advisors LLC now owns 10,852 shares of the biopharmaceutical company’s stock worth $228,000 after buying an additional 775 shares in the last quarter.
About Acorda Therapeutics
Acorda Therapeutics, Inc is a biopharmaceutical company. The Company focuses on developing therapies that restore function and improve the lives of people with neurological disorders. As of December 31, 2016, the Company marketed three United States Food and Drug Administration (FDA)-approved therapies, including Ampyra (dalfampridine) Extended Release Tablets, 10 milligram (mg), a treatment to improve walking in patients with multiple sclerosis (MS).
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