In September, the FDA extended Acorda Therapeutics’ (ACOR) PDUFA (Prescription Drug User Fee Act) action date for its NDA (New Drug Application) of Inbrija from October 5 to January 5, 2019. The FDA extended Acorda Therapeutics’ PDUFA action date after the submission of additional information that the FDA requested.
Acorda Therapeutics’ Inbrija is an orally inhaled levodopa therapy for the treatment of symptoms of OFF periods in individuals with Parkinson’s disease who are receiving therapy with a levodopa and carbidopa regimen. Acorda Therapeutics develops therapies for the treatment of individuals with neurological disorders.
Financials in a nutshell
Acorda Therapeutics’ (ACOR) multiple sclerosis drug Ampyra generated revenues of $150.3 million in the second quarter, compared to $131.6 million in the second quarter of 2017. In the first half, Acorda Therapeutics reported net revenues of $259.5 million compared to $258.8 million in the first half of 2017. Acorda Therapeutics’ revenues are primarily from the sales of Ampyra and royalty revenues.
In the first half, Acorda Therapeutics reported net income and diluted EPS of $38.0 million and $0.81, respectively, compared to -$27.1 million and -$0.59 in the first half of 2017.
On October 3, Acorda Therapeutics (ACOR) stock closed at $19.38, which is ~3.19% higher than its October 2 close of $18.78. Acorda Therapeutics’ October 3 stock price closed ~88.0% below its 52-week high of $36.35 on June 8. Acorda Therapeutics stock hit its 52-week low of $15.60 on September 13.
Of the ten analysts tracking Acorda Therapeutics in October, two recommended a “buy” while seven analysts recommended a “hold” rating. One analyst recommended a “sell” for Acorda Therapeutics.
On October 3, Acorda Therapeutics had a consensus 12-month target price of $22.89, which represents an ~18.11% return on investment over the next 12 months.