Acorda Therapeutics Inc (NASDAQ:ACOR) shares finished nearly 64% higher on Monday after the company updated its net revenue forecast from US$116 million to $121 million in 2023, and as much as $199 million by 2027.
The Pearl River, New York-based company said it expects to increase the market for two of its pharmaceuticals – Inbrija for patients with Parkinson’s disease, and Ampyra, used to treat adults with multiple sclerosis. It said it will also implement additional operational and manufacturing efficiencies.
The company said that, due to a recent Alkermes (NASDAQ:ALKS) arbitration award, along with continued fiscal discipline, it has substantial liquidity, which the company expects will allow it to execute its business plan. Acorda said it expects to be cash flow positive in 2023.
READ: Acorda Therapeutics stock rises on closure of FDA inspections
The outcome of the reverse stock split proposal at the special meeting of stockholders on November 4 will be a key determinant of Acorda’s strategic alternatives and ability to execute its business plan, according to the company.
Acorda stock was trading at $1.07 by Monday's close.
--Updates with closing stock price--
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