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Watch for Continued Gains in Shares of Acorda Therapeutics (ACOR)

Published on Tue, 04/23/2013 - 14:12
By Adrienne Chilton

Shares of Acorda Therapeutics (NASDAQ:ACOR) traded at a new 52-week high today of $40.87. This new high was reached on below average trading volume as 295,000 shares traded hands, while the average 30-day volume is approximately 461,000 shares.

Acorda Therapeutics Inc. is a biotechnology company that is developing therapies for spinal cord injury and related neurological conditions, including multiple sclerosis. Additionally, Acorda is developing multiple approaches to regeneration and repair of the spinal cord and brain.

Over the past year, Acorda Therapeutics has traded in a range of $21.04 to $40.87 and is now at $39.70, 89% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 2.1%.

Acorda Therapeutics (NASDAQ:ACOR) is currently priced 19.0% above its average consensus analyst price target of $32.14. The stock should discover initial support at its 50-day moving average (MA) of $31.57 and subsequent support at its 200-day MA of $26.74.

By Adrienne Chilton