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ACOR

Acorda Therapeutics

$17.80

0.55 (3.19%)

10:25
11/20/17
11/20
10:25
11/20/17
10:25

Acorda discontinuation of Tozadenant a 'good strategic step,' says Leerink

Leerink analyst Paul Matteis points out that Acorda Therapeutics announced the discontinuation of Tozadenant development in Parkinson's disease in light of a recent safety update last week, noting a significant imbalance in agranulocytosis, sepsis and mortality on drug versus placebo. The analyst notes that he had removed tozadenant from his valuation based on his view that even if the drug had succeeded, these safety issues and related monitoring requirements would be too great of a cost in the context of a moderate symptomatic benefit. The discontinuation of Tozadenant should conserve some cash, he contends, adding that the company's decision is smart as the strategic focus fully shifts to CVT-301, also for Parkinson's Disease. Matteis reiterates a Market Perform rating on the shares.

  • 28

    Nov

ACOR Acorda Therapeutics
$17.80

0.55 (3.19%)

11/16/17
JANY
11/16/17
NO CHANGE
Target $17
JANY
Neutral
Acorda Therapeutics price target cut to $17 from $26 at Janney Capital
Janney Capital analyst Ken Trbovich lowered Acorda Therapeutics' price target to $17 from $26 following the company's announcement regarding adverse events related to Tozadenant. The analyst removed Tozadenant from his model and maintains a Neutral rating on shares.
11/16/17
11/16/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Acorda Therapeutics (ACOR) was downgraded to Hold from Buy at Stifel and to Underperform from Market Perform at Raymond James. 2. Verifone (PAY) downgraded to Outperform from Strong Buy at Raymond James with analyst Wayne Johnson saying he is cautious on fiscal 2018 Systems Solutions revenue growth and earnings and thinks it will be dominated by older, flagship architecture and said he can not verify traction in its next-generation Carbon and Engage PoS devices, which lack commitment from a large, domestic name brand retailer. 3. Marriott (MAR) downgraded to Market Perform from Outperform at Bernstein. 4. Emerson (EMR) downgraded to Market Perform from Outperform at Cowen with the firm saying its increased offer for Rockwell (ROK), if accepted, would result in a very low return for years. 5. NetEase (NTES) downgraded to Sell from Underperform at CLSA with analyst Man Ho Lam saying third quarter results were disappointing and expects negative revenue and earnings momentum to continue into the first half of 2018. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/16/17
STFL
11/16/17
DOWNGRADE
STFL
Hold
Acorda Therapeutics downgraded to Hold from Buy at Stifel
Stifel analyst Thomas Shrader downgraded Acorda Therapeutics to Hold and cut his price target for the shares to $15 from $26. Raymond James this morning also downgraded the shares. Following yesterday's disclosure of serious adverse events, the analyst sees a "very modest" opportunity for tozadenant.
11/16/17
RAJA
11/16/17
DOWNGRADE
RAJA
Underperform
Acorda downgraded to Underperform from Market Perform at Raymond James
Raymond James analyst Laura Chico downgraded Acorda Therapeutics to Underperform saying the tozadenant-related adverse events, including fatalities, disclosed yesterday "raises meaningful concerns." The analyst sees a "challenging setup ahead" for the company and downside share risk to $7-$13 on an Inbrija delay. When assuming Inbrija success, Chico believes share upside is limited to her fair value estimate of $17. She sees an unfavorable risk/reward heading into 2018.

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