Jefferies Downgrades Questcor Pharmaceuticals (QCOR) to Hold, Cuts Target in Half

September 20, 2012 6:54 AM EDT
Get Alerts QCOR Hot Sheet
Price: $93.60 --0%

Rating Summary:
    5 Buy, 7 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 21 | New: 16
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Jefferies downgraded Questcor Pharmaceuticals (NASDAQ: QCOR) from Buy to Hold with a price target of $30.00 (from $60.00) after yesterday's policy change by Aetna.

The analyst said, "We are downgrading QCOR shares to Hold from Buy as we believe the Aetna policy change is explicit and will not reimburse for Acthar except for infantile spasms, portending a murky outlook for overall reimbursement with increased risks to sales. While Aetna does have an individual case-based appeal process, our conversations with Aetna suggests this is a cumbersome process with ultimate reimbursement limited to a few Rx's."

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 $26.35 yesterday.

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