UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Questcor Pharmaceuticals
In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Questcor Pharmaceuticals (NASDAQ: QCOR), and raised its price target from $28.00 to $30.00.
Jefferies noted, “QCOR beat Q3 revenue and GAAP EPS consensus driven by higher Acthar sales and lower OpEx. Curiously, mgmt has decided to end its monthly disclosure of Acthar Rx citing sales have reached a ‘mature' level, however, mgmt will allow pharmacy distributors to release Rx data to third party providers. We are raising our PT to $30 on lower OpEx and share count, offset by a slight decrease in Acthar sales.”
Questcor Pharmaceuticals closed on Tuesday at $25.93.
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