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Friday, January 3, 2020

Acorda up on Point72 stake

Nano cap Acorda Therapeutics (NASDAQ:ACOR) is up 16% premarket on light volume in reaction to disclosure from Steve Cohen’s Point72 Asset Management, L.P. of 9.8% stake of ~4.7M common shares.
The company currently markets two products: Ampyra (dalfampridine) to improve walking in MS patients and Inbrija (levodopa inhalation powder) for OFF episodes in Parkinson’s patients. The company is expecting the latter to be the growth driver since the former now has generic competition.
Q3 revenue was $47.7M, down 67%.

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