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ACOR

Acorda Therapeutics

$2.68

0.25 (10.31%)

16:02
10/23/19
10/23
16:02
10/23/19
16:02

Acorda Therapeutics implements corporate restructuring, cutting headcount by 25%

Acorda Therapeutics announced a corporate restructuring to reduce costs and focus its resources on the launch of INBRIJA. As part of this restructuring, Acorda is reducing headcount by approximately 25% through a reduction in force. The company has also reduced estimated 2019 operating expenses, and is providing 2020 operating expense guidance. The majority of the reduction in personnel will take place immediately, and will be completed in Q1 of 2020. The company expects to realize estimated annualized cost savings related to headcount reduction of approximately $21 million beginning in 2020. Acorda estimates that it will incur approximately $8 million of pre-tax charges for severance and other costs related to the restructuring, through the first quarter of 2020. R&D expenses for FY19 are expected to be $55 - $60 million, reduced from $70 - $80 million. SG&A expenses for the full year 2019 are expected to be $185 - $190 million, reduced from $200 - $210 million. R&D expenses for FY20 are expected to be $20 - $25 million and SG&A expenses for the full year 2020 are expected to be $160 - $165 million.

  • 04

    Nov

ACOR Acorda Therapeutics
$2.68

0.25 (10.31%)

05/23/19
05/23/19
INITIATION
Target $12

Neutral
Acorda Therapeutics initiated with a Neutral at Wedbush
As previously reported, Wedbush analyst Laura Chico started Acorda Therapeutics with a Neutral rating and $12 price target. The analyst notes that the loss of exclusivity for the company's flagship Ampyra product has led to Inbrija - its inhaled levodopa product for the treatment of OFF episodes in Parkinson's disease - to the forefront of its lineup. Chico states that while her recent survey suggests that physicians will continue to increase their Inbrija utilization, it is unclear how many patients may be "appropriate candidates for the drug," and with only 2 months on the market, additional feedback is needed on its potential expected demand.
08/02/19
CANT
08/02/19
NO CHANGE
Target $12
CANT
Neutral
Acorda Therapeutics price target lowered to $12 from $20 at Cantor Fitzgerald
Cantor Fitzgerald analyst Charles Duncan lowered his price target for Acorda Therapeutics to $12 from $20 following the company's Q2 results and reiterates a Neutral rating on the shares. The analyst believes Acorda's "fate" and ability to become cash flow positive as being in the hands of Inbrija, and he remains "cautiously optimistic." However, citing the potential for several quarters being needed for revenue to ramp to a substantive level, he reduced his target based on lower multiples.
08/14/19
HCWC
08/14/19
DOWNGRADE
Target $6
HCWC
Neutral
Acorda Therapeutics downgraded to Neutral from Buy at H.C. Wainwright
H.C. Wainwright analyst Raghuram Selvaraju downgraded Acorda Therapeutics to Neutral from Buy and lowered his price target for the shares to $6 from $31. The "anemic" sales trajectory for Inbrija is concerning, particularly in light of the $323.8M in convertible notes maturing June 15, 2021, Selvaraju tells investors in a research note. Inbrija sales are not growing fast enough to pick up the slack Amprya is leaving behind, says the analyst. Further, he believes Acorda is "running out of runway" because of the impending maturity of the 2021 convertible notes. As such, Selvaraju feels the stock's risk profile is not currently appealing.
09/30/19
BOFA
09/30/19
DOWNGRADE
Target $5
BOFA
Underperform
Adamas Pharmaceuticals downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Tazeen Ahmad downgraded Adamas Pharmaceuticals (ADMS) to Underperform and lowered his price target to $5 from $9. The analyst cites indications of a "limited" uptake of ADS-5102 by doctors in multiple sclerosis, adding that the drug's phase 2 trial data have demonstrated comparable response and more safety concerns than the current standard-of-care with Ampyra made by Acorda Therapeutics (ACOR). Ahmad is also increasing his discontinuation rate assumption for '5102 to 30% and lowers his risk-adjusted peak sales estimate to $324M from $365M.

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PAYS

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Fortinet

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SBS

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LINX

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CNP

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$26.68

-1.42 (-5.05%)

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BMRN

BioMarin

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-0.54 (-0.71%)

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OXY

Occidental Petroleum

$37.76

-0.36 (-0.94%)

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FTCH

Farfetch

$7.49

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Digi International

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Viacom

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NVDA

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$209.88

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NVDA

Nvidia

$209.88

1.33 (0.64%)

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BABA

Alibaba

$182.69

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Syndicate
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$39.30

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PPG

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HP

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$39.30

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NVDA

Nvidia

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CPE

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17:41
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BTIG energy analysts to hold a luncheon »

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