Acorda Therapeutics Inc (NASDAQ: ACOR)
Acorda Therapeutics is having an incredibly strong day in the market today. When the opening bell rang, the stock was already enjoying impressive profits. Since then, we’ve seen a continued push for the top, sending the stock further and further into the gains. Below, we’ll talk about what we’re seeing from ACOR, why, and what we’ll be watching for ahead.
What We’re Seeing From ACOR
As mentioned above, Acorda Therapeutics is having a trading session worth writing home about. When the session started for the day, the stock was already benefiting from a mad-dash upward in pre-market trading. From there, we’ve seen a continuation of upward movement, only expanding the gains. At the moment (10:42), ACOR is trading at $23.43 per share after a gain of $3.03 per share or 14.85% thus far today.
Why The Stock Is Spiking
As is almost always the case, our partners at Trade Ideas were the first to inform us of the gains on ACOR. When they did, the CNA Finance team started digging to see exactly what was causing the movement. In this case, we found a press release that we believe to be the culprit.
Early this morning, Acordda Therapeutics released a PR announcing clinical data. The data was from the Phase 3 trial looking into CVT-301. According to the release, the data show a statistically significant improvement in motor function in people with Parkinson’s disease experiencing OFF periods. In a statement, Burkhard Blank, M.D., CMO at ACOR, had the following to offer…
“We are greatly encouraged by the efficacy and safety results of this trial, which validate the positive Phase 2b results… We would like to express our gratitude to the study volunteers and clinical investigators who participated in this trial to advance our understanding of this potentially important therapy for people with Parkinson’s.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ACOR. In particular, we’re interested in further announcements to come about the trial and progression toward approval and ultimately commercialization. Nonetheless, we’ll be watching the news closely and bringing it to you as it breaks!
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