Zacks Investment Research cut shares of Acorda Therapeutics, Inc. (NASDAQ:ACOR) from a hold rating to a strong sell rating in a research note released on Wednesday.

According to Zacks, “Acorda’s key multiple sclerosis drug Ampyra is facing several patent challenges. Recently a district court invalidated four patents of, Ampyra, thereby making way for generic versions of the drug. Sales Ampyra also declined sequentially in the quarter. The company’s share price underperformed the industry so far this year. With Ampyra facing patent issues, focus has shifted to the company’s late stage parkinson’s candidates Inbrija (formerly known as CVT-301) and tozadenant. However, the company recently submitted regulatory applications for Inbrija in the U.S. and plans to file for the same in the EU by the end of 2017. Meanwhile, Acorda is working on expanding its pipeline by entering into deals and pursuing acquisitions. Estimates have been stable lately ahead of the company’s Q2 earnings release. The company has negative record of earnings surprises in recent quarters.”

Several other analysts also recently weighed in on the stock. BidaskClub downgraded shares of Acorda Therapeutics from a strong-buy rating to a buy rating in a report on Thursday, July 13th. Janney Montgomery Scott downgraded shares of Acorda Therapeutics from a buy rating to a neutral rating and dropped their target price for the company from $38.00 to $19.00 in a report on Monday, April 3rd. Cowen and Company dropped their target price on shares of Acorda Therapeutics from $60.00 to $35.00 and set an outperform rating for the company in a report on Monday, April 3rd. Jefferies Group LLC began coverage on shares of Acorda Therapeutics in a report on Monday, July 10th. They issued a hold rating and a $22.00 target price for the company. Finally, Stifel Nicolaus reiterated a buy rating and issued a $30.00 target price on shares of Acorda Therapeutics in a report on Thursday, March 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Acorda Therapeutics presently has a consensus rating of Hold and a consensus target price of $25.26.

Shares of Acorda Therapeutics (NASDAQ:ACOR) traded up 3.69% during mid-day trading on Wednesday, hitting $21.10. The company had a trading volume of 487,781 shares. Acorda Therapeutics has a 52-week low of $13.60 and a 52-week high of $33.00. The firm’s market capitalization is $986.59 million. The firm has a 50-day moving average price of $18.37 and a 200 day moving average price of $20.23.

Acorda Therapeutics (NASDAQ:ACOR) last announced its quarterly earnings results on Thursday, April 27th. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.08. The business had revenue of $119.39 million during the quarter, compared to the consensus estimate of $127.34 million. Acorda Therapeutics had a negative net margin of 10.13% and a negative return on equity of 5.94%. The business’s revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.28 EPS. Analysts expect that Acorda Therapeutics will post $1.97 earnings per share for the current year.

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In other Acorda Therapeutics news, insider Ron Cohen purchased 20,000 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was bought at an average price of $16.95 per share, with a total value of $339,000.00. Following the transaction, the insider now directly owns 511,648 shares of the company’s stock, valued at approximately $8,672,433.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew A. Hindman sold 7,704 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $15.75, for a total transaction of $121,338.00. Following the completion of the transaction, the insider now directly owns 46,123 shares of the company’s stock, valued at approximately $726,437.25. The disclosure for this sale can be found here. Company insiders own 7.90% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Whittier Trust Co. boosted its position in shares of Acorda Therapeutics by 2.5% in the second quarter. Whittier Trust Co. now owns 36,346 shares of the biopharmaceutical company’s stock valued at $716,000 after buying an additional 895 shares in the last quarter. Malaga Cove Capital LLC boosted its position in shares of Acorda Therapeutics by 8.7% in the second quarter. Malaga Cove Capital LLC now owns 55,435 shares of the biopharmaceutical company’s stock valued at $1,095,000 after buying an additional 4,422 shares in the last quarter. Aperio Group LLC boosted its position in shares of Acorda Therapeutics by 2.7% in the second quarter. Aperio Group LLC now owns 12,972 shares of the biopharmaceutical company’s stock valued at $256,000 after buying an additional 343 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Acorda Therapeutics by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 19,000 shares of the biopharmaceutical company’s stock valued at $374,000 after buying an additional 100 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in shares of Acorda Therapeutics by 79.8% in the second quarter. State of Alaska Department of Revenue now owns 9,207 shares of the biopharmaceutical company’s stock valued at $181,000 after buying an additional 4,087 shares in the last quarter.

Acorda Therapeutics Company Profile

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).

Analyst Recommendations for Acorda Therapeutics (NASDAQ:ACOR)

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