Questcor Rises After Strong Shipping Numbers: Los Angeles Mover
Questcor Pharmaceuticals Inc. (QCOR) climbed to its highest value in almost two months after the drugmaker said shipments of its Acthar multiple sclerosis injection rose 33 percent last month.
Questcor rose 3.3 percent to $51.97 at 4 p.m. New York time, its highest closing price since July 9.
Shipments of Acthar climbed to 2,190 vials in August, 540 more than a month earlier, the company said in a regulatory filing today. Acthar is approved for treating multiple sclerosis relapses, infantile spasms and damaged kidneys.
“We would be buying Questcor related to these Acthar numbers,” said Marko Kozul, a San Francisco-based analyst for Leerink Swann, in a note to investors today. The shipping trends were ahead of estimates and suggests a strong third quarter, he wrote.
Kozul reiterated his outperform rating and a valuation of $55 to $58.
To contact the editor responsible for this story: Reg Gale at email@example.com.
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.