Oppenheimer Reiterates Outperform Rating on Questcor Pharma (QCOR)

Oppenheimer is out with a research report this morning, where it reiterates its Outoerform rating on Questcor Pharmaceuticals QCOR; it has a $19.00 price target on the stock. The Oppenheimer analysts cited QCOR's recent update on 4Q10 Acthar scripts. The key takeaways included: 1. “New paid Acthar scripts in MS Flares, QCOR's primary growth opportunity, continue to show consistent growth, up 9% sequentially 2. Although 4Q10 saw a sequential decline in total scripts shipped, our focus remains on 2011, which we continue to expect will be a strong year 3. We expect an increase to n=5 reps focusing NS will be complete in Feb, potentially boosting 2011 Acthar revenues in NS.” As for valuation, the analysts remarked, “Due to the sequential decline in total Acthar vials shipped, we are adjusted our 4Q10 Acthar revenue estimate from ~$35M to ~$31M. As such, our 4Q10 EPS estimate moves to $0.14.”