Is Acorda Therapeutics (NASDAQ:ACOR) Stock A Good Buy Near $5?

Acorda Therapeutics (NASDAQ: ACOR) gained 24% after announcing the signing of supply and distribution agreements to commercialize INBRIJA 33 mg in Spain. The company entered the agreements with Esteve Pharmaceuticals, under which Acorda will receive a double-digit percentage of INBRIJA selling price in Spain in exchange for the drug.

INBRIJA has been indicated for intermittent episodic motor fluctuations treatment in Parkinson’s disease patients treated with levodopa inhibitor. According to the terms of the agreement, Esteve will receive exclusive distribution rights of the drug in Spain, and the company expects to launch the product in Q4 2022.

Currently, there are around 300,000 people with Parkinson’s disease in Spain. Acorda CEO Ron Cohen said that they are delighted to partner with Esteve to bring INBRIJA to Spain. He said that the partnership is great news for individuals with Parkinson’s disease that need to treat OFF episodes. He added that Esteve has a track record of commercializing drugs for neurological conditions in Europe. So, in the coming weeks, ACOR is a stock to watch.

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.