Acorda Therapeutics Inc (NASDAQ: ACOR)
Acorda Therapeutics wasn't having the best of days in the market today. In fact, at the opening bell, the stock was trading in the red. While we have seen some upward and some downward movement. For the most part, the stock has stayed red. That is, until minutes ago when it spiked dramatically before being halted. Below, we'll talk about what we're seeing, why, and what we'll be watching for with regard to ACOR ahead.
What We're Seeing From ACOR
As mentioned above, Acorda Therapeutics looked like it was going to end the day on a bad note today. As soon as the trading session started, the stock was in the red. Throughout the day, we saw movement in both directions, but the stock simply couldn't shake the losses. That is until minutes ago when the stock spiked before being halted. At 2:47, ACOR was halted at $30.40 per share after a gain of $2.10 per share or 7.42% thus far today.
Why The Stock Is Up
As is always the case, we need to give credit to our friends at Trade Ideas for being the first to alert us of the movement on ACOR. As soon as they did, the CNA Finance team started digging to see why the stock was making a run for the top. It didn't take long to dig up the story. It seems as though the gains are the result of a patent ruling.
For some time now, Acorda Therapeutics has been in a patent battle surrounding Ampyra. However, minutes ago a ruling came down the wire in the company's favor. As a result of the strong ruling, investor excitement ensued, leading to the gains that we're seeing at the moment.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching ACOR incredibly closely. In particular, we're interested in learning more about the ruling and the next steps for the company. Nonetheless, we'll continue to follow the story and bring the news to you as it breaks!
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