UPDATE: Piper Jaffray Lowering Price Target On Acorda Therapeutics

Piper Jaffray is out with a research report on Acorda Therapeutics ACOR and is lowering its price target to $28 from $30, and it has a Neutral rating on shares. In a note to clients, Piper Jaffray writes, "Acorda reported a 2Q11 GAAP net loss per share of ($0.01), compared to the Street estimate of $0.12, though Ampyra net sales were largely in line with the Street. Though management has initiatives in place aimed at driving Ampyra penetration among multiple sclerosis (MS) patients with less severe disability (e.g., a pilot program in which the drug is given at no cost for up to 2 months), we believe that making major inroads in this subgroup will be an uphill battle. With sales growth unlikely to accelerate, and a 2012 P/E of near 18x, we would continue to stay on the sidelines. We reiterate our Neutral rating and are lowering our price target to $28 from $30, reflecting slightly higher SG&A estimates." Shares of ACOR lost $1.11 yesterday to close at $27.29.