In a research note titled "Setback and Delay Doesn't Help the Bull Case - Hold," Jefferies analyst Michael Yee says that while Acorda Therapeutics' Refuse to File letter for Inbrija in Parkinson's is disappointing, the development is "probably a speed bump in the big picture." The news does, however, reinforce the general investor uncertainty in the regulatory process for the product, Yee adds. He believes that Inbrija is "most likely approvable," but admits the timelines are now unclear. Yee has a Hold rating on Acorda with a $22 price target. The stock in premarket trading is down 30%, or $7.70, to $18.00.