Acorda Stock Surges 10% On Positive Late-stage Parkinson's Results

Acorda Therapeutics Inc. shares surged 10.5% in heavy morning trade Tuesday after the company presented positive late-stage data for its Parkinson's disease drug. The company plans to file for approval with the Food and Drug Administration by the end of the second quarter. The drug, CVT-301, is intended for "off" periods of the disease when medication isn't working well, and Parkinson's symptoms -- which include impaired movement, muscle stiffness and tremors -- manifest again. As the disease progresses, off periods may happen more and get worse. CVT-301, which is self-administered and inhaled, was found to "significantly" improve motor function during off periods in the phase 3 trial, the company said. The trial enrolled 339 patients and lasted 12 weeks, and the most common side effects included cough, upper respiratory tract infection, nausea and others, with two participants on the drug exiting the study because of the cough. Acorda shares have dropped 37.9% to $16.80 over the last three months, compared with a 2.4% rise in the S&P 500 .