Jefferies maintains a 'Buy' on Questcor Pharmaceuticals (QCOR); Strong 2011 Execution Should Continue In 2012

Jefferies maintains a 'Buy' on Questcor Pharmaceuticals (NASDAQ: QCOR) price target of $50.00.

Jefferies analyst says, "We had an opportunity to host investor meetings with Questcor management, and are confident mgmt will continue to execute in the last 6 weeks of 2011, and into 2012. One of the leading indicators that sales have not peaked is mgmt intention to expand both the MS and nephrology sales forces in 2012. If the short-term decline in MS prescriptions for October (vs Sept) were durable, we believe mgmt would not be discussing these plans."

"We maintain our 4Q11 estimates for new paid Rx's of 986 for MS, 112 for NS, and 95 for IS. Based on these estimates, we arrive at net sales of $66M
(+125% y/y) for Q4 and GAAP EPS of $0.35 vs. St estimates of $67M and $0.35. While Oct MS prescriptions declined (~14% vs Sept), we estimate Nov new paid Rx of ~345 (or equivalent to Sept new paid Rxs) must be reported (on Dec 12/13 around an investor conference) to remain in line with our Q4 MS estimates."

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 $43.63 yesterday.

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