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Today’s Research Reports on Stocks to Watch: Acorda Therapeutics and Avid Bioservices

NEW YORK, NY / ACCESSWIRE / September 11, 2018 / Acorda shares were deep in the red after a disappointing court ruling on Monday. A U.S. District Court of Appeals has held up a lower court ruling invalidating key patents on Ampyra, the company’s multiple sclerosis drug that accounts for most of its sales. Shares of Avid Bioservices traded fairly flat during the day but soared in after-hours extended trading after reporting stellar first quarter financial results.

RDI Initiates Coverage on:

Acorda Therapeutics, Inc.

Avid Bioservices, Inc.

Acorda Therapeutics, Inc. shares were down 24.5% on Monday on about 3.6 million shares traded. The company, which develops drugs to improve therapies that improve neurological function in people with multiple sclerosis, saw its shares tank after a disappointing ruling by a federal appeals court on patents that pertain to its multiple sclerosis treatment, Ampyra. Acorda announced that the U.S. Court of Appeals upheld by a 2-to-1 vote the U.S. District Court of Delaware's decision to invalidate four Ampyra patents. CEO and President, Ron Cohen, M.D, commented, "We are disappointed by the Court’s decision, as we continue to believe that our AMPYRA patents reflected true invention and were valid. We are reviewing the decision and will consider future options, including the possibility of a further appeal. Following the Court’s original decision in 2017, we prepared a contingency plan that we could face generic competition, implementing a comprehensive corporate restructuring and bolstering our balance sheet. As a result, we are well-capitalized and fully focused on the potential launch of INBRIJA for Parkinson’s disease.”

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Avid Bioservices, Inc. shares were soaring in after-hours trading on Monday after the company reported first quarter financial results with an earnings surprise. The shares were up 18.13% in after-hours after the company revealed a quarterly loss of $0.06 per share while analysts had been waiting for a loss $0.09. This compares to loss of $0.06 per share a year ago. Revenues of $12.59 million for the quarter was also better than what analysts were expecting. CEO, Roger Lias, Ph.D., stated, "During the first quarter of FY 2019, Avid continued to successfully execute the plan we outlined during our year-end earnings call in July. As a result, we are reaffirming our revenue guidance for FY 2019 of $51 to $55 million. Our confidence in achieving this target is driven by the expected recognition of a significant portion of our confirmed backlog of $39 million during the remainder of FY 2019, and high visibility on customer orders for the balance of the year. This includes the anticipated expansion of multiple projects underway with existing clients and additional revenue from numerous issued new client proposals. To support this effort, we have built an exceptional business development team with a cumulative 60+ years of CDMO industry experience. We are aggressively pursuing new customers and building visibility for the business within the industry. We are actively and successfully on-boarding recently awarded projects and significantly enhancing our process development capabilities to best service the growing demands of our customers." Looking ahead, the company has forecast full-year revenue to be in the range of $51 million to $55 million. Shares have soared about 85% since the year started.

Access RDI’s Avid Bioservices, Inc. Research Report at:

Our Actionable Research on Acorda Therapeutics, Inc. (NASDAQ: ACOR) and Avid Bioservices, Inc. (NASDAQ: CDMO) can be downloaded free of charge at Research Driven Investing.

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