Up­dat­ed: Acor­da shares surge as a big in­vestor push­es it to the auc­tion block

Look­ing to score a quick re­turn, one of Acor­da’s biggest share­hold­ers $ACOR wants to call a time-out on the biotech’s death de­fy­ing high wire act and roll out a safe­ty net — for in­vestors.

Scopia Cap­i­tal Man­age­ment filed no­tice with the SEC to­day that it has sent Acor­da CEO Ron Co­hen a let­ter out­lin­ing its call for a strate­gic re­view — in­clud­ing a hard push for a com­pa­ny auc­tion. While count­ing it­self a long­time ad­mir­er of Acor­da, Scopia con­clud­ed that while the com­pa­ny has the cash need­ed to move for­ward “con­tin­u­ing to pur­sue an in­de­pen­dent strat­e­gy presents sig­nif­i­cant risk for share­hold­ers.”

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