Acorda Therapeutics Inc. shares dropped as much as 13.2% in pre-market trade Monday after the company said it was discontinuing development of its drug intended for post-stroke walking difficulties after a clinical trial failure. Despite promising results for the drug dalfampridine in a phase 2 trial, the latest results were not sufficiently clinically meaningful, the company said. Leerink analyst Paul Matteis’ called the trial’s failure a “small disappointment…we believe only a few dollars of value were priced into the stock at most,” and reiterated a market perform rating. The company said it will now focus on its two late-stage Parkinson’s disease therapies and treatments that are earlier in development in migraine, Parkinson’s disease dementia and multiple sclerosis. Acorda shares have dropped 50.2% year-to-date, compared with a 6.8% rise in the S&P 500 .
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