Questcor (QCOR) Taps News Highs on Strong June Acthar Sales; Jefferies Boosts Target

July 9, 2012 10:33 AM EDT
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Shares of Questcor Pharmaceuticals, Inc. (Nasdaq: QCOR) are tapping new 52-week highs Monday after reporting strong June Acthar sales.

The company sees 400-410 paid Acthar prescriptions for lead indication Multiple Sclerosis. This is up from 365 in May and 339 in April.

For Nephrotic Syndrome, the company sees paid Acthar prescriptions of 115-120 in June, up from 103 in May and 94 in April.

For Infantile Spasms they see 30-35 paid Acthar prescriptions in June and for Dermatomyositis/Polymyositis they see 3.

During June 2012, Questcor shipped a total of 1,800 vials of Acthar to CuraScript SD, for a total of 4,710 vials for the quarter ended June 30, 2012.

Questcor indicated it has completed the expansion of its Nephrology Sales Force from 28 to 58 representatives; has made substantial progress expanding its Neurology Sales Force from 77 to 109 representatives with hiring and training expected to be completed in August 2012; and has substantially completed the hiring of its pilot Rheumatology Sales Force. The company believes these expansions will enable it to further broaden physician awareness of Acthar and its appropriate role in the treatment of Nephrotic Syndrome, MS relapses and the rheumatology conditions dermatomyositis and polymyositis.

Analysts at Jefferies noted that the 1,800 Acthar virals shipped in the June quarter suggests drug sales of $111 million which would be above the consensus of $103 million.

The firm boosted its price target on QCOR from $56 to $60.

Shares of QCOR are up 9.9 percent to $55.19 on the news.

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