Leerink Swann Lifts Valuation Range on Questcor (QCOR) Following Acthar Medicaid Update
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Price: $93.60 --0%
Rating Summary:
5 Buy, 7 Hold, 0 Sell
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Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
Rating Summary:
5 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Leerink Swann raised its valuation range on Outperform-rated Questcor Pharmaceuticals (NASDAQ: QCOR) from $50-$53 to $55-$58 following improved Acthar reimbursement for Medicaid.
"We assume the percentage of fully rebated prescriptions (Medicaid, Medicare and other) are 7%, 9% and 37% in Multiple Sclerosis (MS), Nephrotic Syndrome (NS) and Infantile Spasms (IS) respectively. These estimates are qualitatively consistent with our previous MEDACorp KOL checks," the analyst said.
Revenue projection increases to $675.8M from $626.1M previously. As a result, 2013E diluted GAAP EPS estimate increases from $3.67 to $4.21.
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 are up 9.7 percent today to $47.65.
"We assume the percentage of fully rebated prescriptions (Medicaid, Medicare and other) are 7%, 9% and 37% in Multiple Sclerosis (MS), Nephrotic Syndrome (NS) and Infantile Spasms (IS) respectively. These estimates are qualitatively consistent with our previous MEDACorp KOL checks," the analyst said.
Revenue projection increases to $675.8M from $626.1M previously. As a result, 2013E diluted GAAP EPS estimate increases from $3.67 to $4.21.
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 are up 9.7 percent today to $47.65.
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