UPDATE: Goldman Sachs Initiates Sell on Acorda Therapeutics; Ampyra Risk
Goldman Sachs initiates its coverage on Acorda Therapeutics (NASDAQ: ACOR) with a Sell rating and a price target of $21.
Goldman Sachs says, "We view the US market for its key asset Ampyra as largely defined and do not see room for upside to consensus estimates, which we would consider necessary to take shares higher. We also believe consensus is underestimating expenses, which could pressure the stock. We see risk to the EU royalty (7% of 2015E revenues) in the face of pricing challenges and highlight intellectual property concerns as well – the ongoing post marketing study for Ampyra (5mg vs. 10mg), if successful, could be a risk to the 2027 patents for the 10mg dose."
ACOR closed at $22.91 on Thursday.
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