Scopia Boosts Stake In Acorda Therapeutics To Become The Largest Shareholder

Hedge fund Scopia Capital Management LP has boosted its stake in Acorda Therapeutics Inc. to 7.71 million shares from 5.57 million shares, according to recent filings with the Securities and Exchange Commission. Scopia now owns 16.5% of Acorda's shares outstanding, which would make Scopia Acorda's largest shareholder, passing Fidelity Management & Research at 14.1% and BlackRock Fund Advisors at 12.7%, according to FactSet. Shares of Acorda, which makes treatments for nervous system disorders, were still inactive in premarket trade. The shares have rallied 14.0% year to date through Friday, while the S&P 500 has gained 10.6%.