Jefferies Positive On Questcor Pharmaceuticals (QCOR) Following Q4 Results, Dispels Negative Rumors
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Rating Summary:
5 Buy, 7 Hold, 0 Sell
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Today's Overall Ratings:
Up: 7 | Down: 6 | New: 2
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Jefferies raised estimates and reiterated their Buy rating and $50 target on Questcor Pharmaceuticals (NASDAQ: QCOR) following Q4 results and management's dispelling of negative rumors.
As pre-announced, Acthar sales in 4Q11 of $75.5M were ahead of expectations. The firm believes QCOR is on-track to meet the firm's net Acthar sales est of $86.5M for 1Q12.
Jefferies said a major highlight of the call was that management actively addressed many of the negative rumors, "which should soothe frayed nerve."
Commenting on this, the firm notes, "Mgmt stated that it has initiated a new compliance committee of its Board of Directors, and a recent compliance review confirmed that its promotional programs and activities met with all laws and regulations. It has no knowledge of any gov't investigation, nor has it been contacted by any gov't agency regarding a potential investigation. We believe that
providing this clarification into its operations and compliance programs will provide some much needed relief to concerned investors."
The firm raised FY12 revenue estimates form $334.6 million to $389.5 million and FY12 EPS from $1.76 to $2.14.
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 $34.74 yesterday.
As pre-announced, Acthar sales in 4Q11 of $75.5M were ahead of expectations. The firm believes QCOR is on-track to meet the firm's net Acthar sales est of $86.5M for 1Q12.
Jefferies said a major highlight of the call was that management actively addressed many of the negative rumors, "which should soothe frayed nerve."
Commenting on this, the firm notes, "Mgmt stated that it has initiated a new compliance committee of its Board of Directors, and a recent compliance review confirmed that its promotional programs and activities met with all laws and regulations. It has no knowledge of any gov't investigation, nor has it been contacted by any gov't agency regarding a potential investigation. We believe that
providing this clarification into its operations and compliance programs will provide some much needed relief to concerned investors."
The firm raised FY12 revenue estimates form $334.6 million to $389.5 million and FY12 EPS from $1.76 to $2.14.
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 $34.74 yesterday.
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