Citigroup downgraded Acorda Therapeutics, Says Fundamentals Have Reversed For the Near-Term

In a report published on Monday, lead analyst Yaron Werber downgraded Acorda Therapeutics ACOR from Buy to Neutral and lowered their price target to $33 from $37. Werber noted, “We have made comprehensive changes to our model and as we see few positive near-term catalysts to drive the stock higher. Our upgrade of the stock to a Buy a year ago (Limited Downside + Many Upside Triggers – Upgrading to Buy) was based on little downside with several upside drivers. In our view, that has played out and the fundamentals have now reversed for the near-term. The article goes on to highlight the stagnancies, “We expect sluggish growth of Ampyra that is mostly driven by price increases in the US, potential for paragraph 4 filing against Ampyra in the US in January, and lack of catalysts ahead of the potential approval of diazepam nasal spray in late '14.” ACOR closed Friday at $29.23 and is trading currently around the $27.82 mark.