Stifel Lifts PT on Acorda Therapeutics (ACOR) to $53 Amid Strong AMPYRA Sales Data

Stifel lifts its price target on Acorda Therapeutics, Inc. (Nasdaq: ACOR) from $47 to $53 after Acorda reported AMPYRA (dalfampridine) Extended Release Tablets, 10 mg unaudited net sales for the fourth quarter of 2015 of $121 million. Unaudited 2015 full-year net sales were $436 million, an increase of approximately 19% from 2014. (The Street is looking for total Q4 revenue of $126.5 million and FY15 revenue of $485.8 million.)

Analyst Thomas Sharadar commented, AMPYRA’s sales exceeded our estimates of $115 million. The company also provided guidance for 2016 AMPYRA revenue of $475 - $485 million, suggesting a solid revenue stream from this drug for the upcoming year. On the IP front, Acorda settled with three of the Paragraph IV ANDA filers attempting to sell a generic AMPYRA, and these companies can only begin selling the drug, essentially, at the time that the patents in question expire. It’s not clear why Acorda settled with only three of the eight ANDA filers. However, a legal consultant advised us that a company will settle with the companies that present the strongest challenges against their patent, fending off the rest of the ANDA filers, the ones that present a weaker case, in court.

For an analyst ratings summary and ratings history on Acorda Therapeutics click here. For more ratings news on Acorda Therapeutics click here.

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