This Analyst Is Defending Acorda Therapeutics; Shares Still Down 7% In A Week
Acorda Therapeutics Inc (NASDAQ: ACOR) shares could see several catalysts in 2015 that may drive prices higher, an analyst said Tuesday.
Acorda Therapeutics' recent weakness constitutes a "favorable entry point" for investors, MLV analyst Raghuram Selvaraju wrote in note reported Tuesday by Bloomberg.
Acorda fell more than 10 percent last week when it disclosed that a hedge fund challenged one of its patents on key multiple sclerosis drug Ampyra at the U.S. Patent and Trademark Office.
Nearly all of Acorda's $373.3 million in 2014 revenue was derived from Ampyra sales.
Acorda partly recovered from the scare, and closed Tuesday at $37.47, up $1.33, but is still off more than 7 percent from a week earlier.
Acorda said it will oppose the patent petition, reportedly launched by Kyle Bass' Hayman Capital, which has profited in the past from anticipating the U.S. housing market crash.
Selvaraju didn't comment on Bass' recent action, but said that during 2015, Acorda may benefit from the resubmission of its new drug application for Plumiaz epilepsy treatment.
Selvaraju reiterated a Buy rating and $58 target, and also cited pending data from trials on Acorda's dalfampridine drug for treatment of post-stroke deficits and its Parkinson's disease treatment called CVT-301.
Latest Ratings for ACOR
|Oct 2016||Leerink Swann||Assumes||Market Perform|
|Mar 2016||Goldman Sachs||Initiates Coverage on||Neutral|
|Jan 2016||Aegis Capital||Maintains||Buy|
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