Acorda shares fall on downgrade
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- June
- 23
Shares of Acorda Therapeutics Inc. of Hawthorne fell after an analyst for Friedman, Billings, Ramsey & Co. Inc. downgraded the company but said there’s takeover speculation.
Shares of the drug researcher have risen 41.9 percent year to date after yesterday’s close of $31.16, down 69 cents. The company has reported positive results from a study of its fampridine-SR, a treatment to help MS patients with walking.
Friedman Billings lowered its rating from Outperform to Market Perform and kept its $32 price target. “Investors are increasingly speculating that (Acorda) could be an acquisition target now that regulatory risk surrounding fampridine-SR is significantly lower due to the success of (the study.) We believe the more likely scenario for (Acorda) is completing the buildout of its sales force (a key reason behind the secondary offering in 2/08) and launching fampridine-SR in the U.S.,†analyst David Amsellem wrote in a note released yesterday.
This entry was posted
on Monday, June 23rd, 2008 at 3:36 pm by Jerry Gleeson.
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