Acorda Up on FDA Approval for MS Drug

HAWTHORNE, NY (TheStreet) -- Friday was a down day for the markets, including the healthcare and biotechnology indexes, but right at the end of Friday trading, Acorda Therapeutics (ACOR) spiked nearly 10%.

Earlier in the day, the U.S. Food and Drug Administration approved Acorda's new drug Ampyra, which aims to help multiple sclerosis patients. The FDA approval made Acorda's Ampyra the first drug approved to improve walking in MS patients.

Acorda surged from $25.56 at 3:30 p.m. ET to $28.12 at the close, with its trading volume reaching over 6 million shares versus an average daily volume of 429,000.

The FDA approval for Acorda had been a hotly anticipated event among biotech investors.

Acorda hit a 52-week high over $29 before closing Friday above the $28 mark.

The FDA approval is a big win for Acorda, as a week before the FDA advisory panel first met to review the drug's progress, there was skepticism about Ampyra receiving approval.

Could Ampyra be the profit game changer for Acorda?

In its last five quarters, Acorda has post a net loss per share of between 50 cents and 62 cents.

--Reported by Eric Rosenbaum in New York.

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