HC Stocks Review – Acorda Therapeutics Inc (ACOR), QLT Inc. (QLTI)
Shares of Acorda Therapeutics Inc (NASDAQ:ACOR) ended Thursday session in green amid volatile trading. The shares closed up +0.98 points or 5.16% at $19.98 with 686,908 shares getting traded. Post opening the session at $18.89, the shares hit an intraday low of $18.89 and an intraday high of $20.26 and the price vacillated in this range throughout the day. The company has a market cap of $895.02 million and the numbers of outstanding shares have been calculated to be 46.14 million shares.
Acorda Therapeutics Inc (NASDAQ:ACOR) announced that Chief Financial Officer Michael Rogers has left the company. David Lawrence, Acorda’s Chief of Business Operations, has assumed the role of Chief, Business Operations and Principal Accounting Officer. Andrew Hindman, Acorda’s Chief Business Development Officer, has assumed responsibility for Financial Planning and Analysis and Investor Relations. Mr. Rogers will serve as a consultant to the Company through the end of the year as part of this transition.
“We thank Mike for his many contributions to Acorda during his tenure. He was a key part of the team responsible for the acquisitions of Civitas and Biotie, which have helped position Acorda as a leader in Parkinson’s disease therapeutic development,” said Ron Cohen, M.D., President and CEO of Acorda Therapeutics. “Mike has been commuting from Boston throughout his years at Acorda, which has been challenging for him and his family. I’m grateful for his dedication to the Company during this time.”
Shares of QLT Inc. (USA) (NASDAQ:QLTI) ended Thursday session in red amid volatile trading. The shares closed down -0.03 points or -1.49% at $1.99 with 63,470.00 shares getting traded. Post opening the session at $2.02, the shares hit an intraday low of $1.96 and an intraday high of $2.03 and the price vacillated in this range throughout the day. The company has a market cap of $103.50 million and the numbers of outstanding shares have been calculated to be 52.83 million shares.
QLT Inc. (USA) (QLTI) reported financial results for the second quarter ended June 30, 2016.
During the second quarter of 2016, research and development (“R&D”) expenditures were $2.9 million compared to $3.4 million for the same period in 2015. The $0.5 million (15%) decrease was primarily due to lower stock based compensation, lower salary and overhead costs related to R&D headcount attrition, the foreign exchange impact of the weak Canadian dollar and downsizing of our lease space. Stock-based compensation expense was significantly lower in the current period relative to the prior period due to the impact of the June 2015 accelerated vesting of all outstanding stock options in connection with the investment in and subsequent distribution of the Aralez Shares and execution of the InSite Merger Agreement. The cost decreases described above were partially offset by an increase in costs related to preparatory activities for our planned Phase III pivotal trial for QLT091001.
During the second quarter of 2016, we incurred $3.2 million of consulting and advisory fees related to our exploration of strategic alternatives and pursuit of the merger transaction with Aegerion Pharmaceuticals, Inc. (“Aegerion”) described below. In comparison, we incurred $4.7 million of similar costs in 2015 related to our pursuit of a merger transaction with InSite Vision Incorporated (“InSite”) and the Aralez Distribution. The agreement and plan of merger with InSite (the “InSite Merger Agreement”) was terminated by InSite on September 15, 2015.