Acorda Therapeutics (ACOR) Higher After Resubmitting Fampridine-SR NDA

Acorda Therapeutics (Nasdaq: ACOR) is 16% higher this morning after the company resubmitted its New Drug Application for MS drug Fampridine-SR to the to the FDA.

Acorda received a Refuse to File letter from the FDA in March, which cited the need to correct "format issues" and requested additional supporting information before the NDA could be accepted for review. Acorda believes that all of comments have been addressed.

An analyst at Robert W. Baird commented on the resubmission saying, "We are incrementally positive on ACOR shares following a surprisingly fast turnaround of FDA's RTF letter (received less than one month ago). While we expect the stock to trade up this morning, our core concerns (which relate to chances for first-cycle approval as well as market size) on Fampridine SR remain. As such, we remain on the sidelines." The firm maintains a Neutral rating on ACOR.

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