Pre-Market Volume Spike: Acorda Therapeutics (ACOR)

Posted in General 
June 2nd, 2008

Acorda Therapeutics (NASDAQ: ACOR) is seeing shares surge on active pre-market trading volume on news this Monday morning.  The company announced positive data from a second Phase III study of its Fampridine-SR as a treatment for patients’ walking abilities who suffer from multiple sclerosis.

Acorda trades has an average daily volume of about about 570,000 shares per day, and it has already seen 345,000 shares trade as of 8:25 AM EST.  It closed at $21.56 on Friday and shares are north of $26.00 per share with more than one hour to open.  Its 52-week trading range is $15.80 to $28.14.

The company noted that a greater proportion of people taking Fampridine-SR in the Phase III trial had a consistent improvement in walking speed compared to people taking placebo with rates being 42.9% versus 9.3%.  These results were measured by a timed 25-Foot walk, which is the standard of that measurement.  This even showed an improvement in the secondary outcome measured in leg strength versus the placebo.

The company says that this will also be sufficient to submit a new drug application with the FDA in the first quarter of 2009, and it plans to submit a priority review as well.

Jon C. Ogg
June 2, 2008

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