Adamas Pharmaceuticals Sharply Higher Off New Outperform Rating

Adamas Pharmaceuticals Inc ADMS shares are trading higher by $4.50 (22 percent) at $24.01 in Monday's session.

Before the open, Evercore ISI Group initiated coverage on the company with an Outperform rating and a $85.00 price target.

After a higher open, Adamas had nearly a $1.00 drop to $22.10 before continuing its move higher. The ensuing rally took the stock to $24.55, but has fallen back under $24.00.

That marks the highest level for the stock since Jan. 19, 2016, when it peaked at $25.89.