Acorda Therapeutics (NASDAQ:ACOR) Stock Gains Momentum: Will it Hit New High?
Acorda Therapeutics (NASDAQ:ACOR), a company developing therapies for restoring function and improving lives of people with neurological disorders, on July 22, 2021 announced entering into distribution and supply agreements with Esteve Pharmaceuticals for commercialising INBRIJA 33 mg in Spain.
Indicated in EU for treating Parkinson’s disease in adult patients, INBRIJA is being considered for treatment even in other parts of the world. The agreement will allow ACORDA to receive a significant double digit percent of selling price in Spain and Esteve will be engaged in distribution in the territory. ESTEVE is expecting to launch INBRIJA in Spain in the fourth quarter of 2022.
As per estimates, atleast 300,000 people in Spain have Parkinson’s disease in Spain and there is one new case per 10,000 people every year. Ron Cohen, M.D President and CEO of Acorda Therapeutics said that the partnership will allow people with Parkinson’s in Spain get therapy needed for treating their OFF periods. Cohen stressed that ESTEVE has a great record of commercializing pharmaceuticals in Europe for neurological indications and that the firm is already discussing actively for rights to INBRIJA globally.
Acorda said Inbrija, or levodopa inhalation powder, hard capsules, is being consideredforintermittent treatment of episodic motor fluctuations in adult patients with Parkinson’s disease.
Market Reaction:
On Friday, ACOR stock surged 24% at $4.73 with more than 50.69 million shares, compared to its average volume of 1.05 million shares. The stock has moved within a range of $4.4200 – 6.3600 after opening the trade at $5.28. Over the past 52-week, the stock has been trading within a range of $2.5200 – 9.8400.
