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Fly News Breaks for August 14, 2019
Aug 14, 2019 | 07:21 EDT
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.
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