Acorda Therapeutics jumps after paying down debt

Acorda Therapeutics

17/06/2021 12:07

** Shares of Acorda Therapeutics  ACOR.O  rise ~8.3% to
$4.44 premarket, as drugmaker says it has repaid in full its
convertible senior notes due 2021 using cash in hand 
    ** Prior to repayment, there was $69 mln in aggregate
principal amount of 2021 notes outstanding - co  urn:newsml:reuters.com:*:nBw596lHZa
    ** "The repayment of the 2021 notes removes an overhang on
the company... continuing to drive toward cash flow breakeven,"
says CEO Ron Cohen
    ** H.C. Wainwright upgrades stock to "buy" from "neutral",
doubles PT to $10 from $5
    ** This development removes the sole immediate-term overhang
on Acorda stock and puts co on a more solid footing from which
to execute from a business perspective - H.C. Wainwright
    ** In January, co announced the sale of its manufacturing
facility and outlined restructuring plans  urn:newsml:reuters.com:*:nL4N2JO2Z5
    ** ACOR had ~$38.9 mln market cap as of Wednesday close -
Refinitiv data
    ** Stock down about 1% in 2021

 (Reporting by Medha Singh in Bengaluru)
 ((medha.singh@thomsonreuters.com))