Oppenheimer Reiterates an 'Outperform' on Questcor Pharmaceuticals (QCOR); Expansion Strategy Into Rheumatology

June 15, 2012 8:56 AM EDT
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Price: $93.60 --0%

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    7 Buy, 9 Hold, 1 Sell

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    Up: 13 | Down: 22 | New: 54
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Oppenheimer reiterates an 'Outperform' on Questcor Pharmaceuticals (NASDAQ: QCOR) price target raised to $59.00.

Analyst, Christopher Holterhoff, said, "On 6/14, QCOR held a conference call to discuss the company's expansion strategy into rheumatology. We recognize planning of the rheumatology effort has been under way for only 2-3mos (vs 2-3yrs for nephrology), and is an exploratory effort at this point. However, given QCOR's near-flawless execution of past expansion efforts in neurology and nephrology, we are highly encouraged by the broad opportunity in rheumatology. We expect initial focus on DM/PM with potential for commercial efforts under way for three additional large rheumatology indications (including RA and lupus) within 24mos. Should QCOR capture all appropriate candidates for
Acthar in approved rheumatology indications, it would represent a multi-billion dollar opportunity; however, we have conservatively included only DM/PM revenues."

Raises FY12 EPS estimate from $2.25 to $2.26 and FY13 from $3.18 to $3.39.

For an analyst ratings summary and ratings history on Questcor Pharmaceuticals click here. For more ratings news on Questcor Pharmaceuticals click here.

Shares of Questcor Pharmaceuticals closed at $46.41 yesterday.

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