Acorda Therapeutics, Inc. (ACOR) Shares Up 5.3%
Shares of Acorda Therapeutics, Inc. (NASDAQ:ACOR) shot up 5.3% during trading on Wednesday . The stock traded as high as $23.25 and last traded at $22.80. 896,109 shares were traded during trading, a decline of 4% from the average session volume of 938,097 shares. The stock had previously closed at $21.65.
Several brokerages have recently commented on ACOR. Stifel Nicolaus reaffirmed a “buy” rating and set a $26.00 price objective (down previously from $30.00) on shares of Acorda Therapeutics in a research report on Thursday, August 31st. BidaskClub downgraded shares of Acorda Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 13th. Cantor Fitzgerald reaffirmed a “hold” rating and set a $18.00 price objective on shares of Acorda Therapeutics in a research report on Tuesday, August 29th. Cowen and Company reaffirmed a “buy” rating and set a $35.00 price objective on shares of Acorda Therapeutics in a research report on Tuesday, August 29th. Finally, Zacks Investment Research downgraded shares of Acorda Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Acorda Therapeutics presently has an average rating of “Hold” and an average price target of $24.36.
The stock has a 50-day moving average price of $21.86 and a 200 day moving average price of $20.30. The stock’s market cap is $1.04 billion.
Acorda Therapeutics (NASDAQ:ACOR) last issued its quarterly earnings results on Thursday, July 27th. The biopharmaceutical company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.16. The company had revenue of $139.40 million for the quarter, compared to analysts’ expectations of $139.81 million. Acorda Therapeutics had a negative return on equity of 6.37% and a negative net margin of 8.02%. The firm’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.07 earnings per share. On average, equities analysts predict that Acorda Therapeutics, Inc. will post $1.71 earnings per share for the current year.
In other news, insider Ron Cohen purchased 20,000 shares of Acorda Therapeutics stock in a transaction that occurred on Friday, June 16th. The shares were bought at an average cost of $16.95 per share, with a total value of $339,000.00. Following the completion of the purchase, the insider now directly owns 511,648 shares in the company, valued at $8,672,433.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Barry E. Greene sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $21.57, for a total value of $215,700.00. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at $215,700. The disclosure for this sale can be found here. 7.90% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue grew its stake in shares of Acorda Therapeutics by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 5,120 shares of the biopharmaceutical company’s stock worth $107,000 after acquiring an additional 130 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Acorda Therapeutics in the second quarter worth $199,000. Mason Street Advisors LLC grew its stake in shares of Acorda Therapeutics by 7.7% in the first quarter. Mason Street Advisors LLC now owns 10,852 shares of the biopharmaceutical company’s stock worth $228,000 after acquiring an additional 775 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its stake in shares of Acorda Therapeutics by 3.9% in the second quarter. Municipal Employees Retirement System of Michigan now owns 10,960 shares of the biopharmaceutical company’s stock worth $216,000 after acquiring an additional 410 shares during the last quarter. Finally, Laurion Capital Management LP purchased a new stake in shares of Acorda Therapeutics in the second quarter worth $219,000.
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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).
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